What is a retainer in simple terms?

A retainer means a payment made upfront for the services of the professional or for holding the professional available to you.

Is a retainer refundable?

It depends. In general, the retainer or trust retainer is always refundable as long as there is something unearned. In the case of a general retainer, which pays for your availability is nonrefundable. Always check your contract or agreement.

How much is a typical retainer?

There is no such thing. Legal retainers may vary from hundreds to thousands depending on the kind of case. Business retainers might be quite flexible as well.

Who holds the retainer money?

Regarding the lawyer, the money goes into the client trust account, and it earns interest for the lawyer. For agencies and freelancers, the money is transferred immediately.

What happens when the retainer runs out?

In the case of a legal issue, the lawyer will request that you return it to him/her. In the case of a monthly business retainer, the additional work is usually charged according to the rate per hour.