Do you have a lawyer on retainer?

[tenant13]

I'm about to hire one to take care of my estate. I wonder if retaining them (they provide a whole range of legal services) makes any sense or should I just worry about law on "as needed" basis?

 

[LateToFIRE]

I have an extensive and reasonably complex estate plan that is updated every ~3 years. Use an estates specialist at one of the biglaw firms - I'm probably his poorest client. Anyhow, I pay as-needed (since not needed but every 3 years). Can't think of a reason for a retainer until there is a reason to settle an estate/probate (as in someone passed).

 

[erkevin]

Not one on retainer, but we have a family lawyer that has handled my wife's family's affairs for 40+ years. He's never had to handle anything criminal (to my knowledge), but has handled property sales, probate, estate-planning, wills, trusts, etc. His cell # is in my contact list in case of any emergency.
I would also add that our Umbrella Policy covers all legal defense costs for claims covered by the policy; liability, negligence, defamation, etc.

 

[Midpack]

I've never felt the need to have an attorney on retainer. I've only needed to use an attorney a few times, settling my parents estate, writing up our trust (different attorney). If something comes up, I hire as needed. YMMV

If having a lawyer on call sounds appealing, stop and think about your legal situation first. Retaining an attorney might be a smart decision, or it could be a waste of money. Ask yourself:

What will you use the attorney for?
- Unless a major accident happens, most people only need an attorney once every few years. If this is true for you, having an attorney on retainer may not be a financially sound decision.
- Check your insurance policies. Most insurance policies, including auto and homeowner's insurance, will pay for an attorney should you be involved in an accident. If this is so, there is no need to pay an attorney as additional insurance against these lawsuits.

 

[rodi]

We have paid retainer fees to a lawyer when we were involved in ongoing litigation with the first contractor on our granny flat construction. (He abandoned the job mid way through.). We paid a chunk of money. We'd get billing showing it being spent down. We'd be asked for another chunk of money, rinse and repeat until it was finally all settled out. The lawyer wrote several letters for us, helped us with our filing with the state licensing board, and gave us advice in the arbitration. At the end of the process we had a balance that was returned to us.

 

[Stormy Kromer]

I've dealt with plenty of attorney's and have only paid by the hour. I'm not sure what the advantage of having one on retainer would be, maybe a priority when getting work done ? I'm expecting that the law firm would still get their hourly rate for work performed.

As for insurance paying for defense that is true, weather it be auto, homeowners, umbrella or any other liability policy that I've ever seen. Some specialized commercial liability policies include defense costs inside the limit of coverage, I've never seen a personal policy that doesn't provide defense costs outside policy limits. But remember this, the insurance company chooses the attorney, not you. That's OK, they know what they're doing. Insurance companies likely have law firms on retainer, plus the larger ones have attorneys on staff. You may not like insurance companies or attorneys but when you need one they're your best friends.

 

[Palmtree]

I remember many years ago when some asked Warren Buffett why Berkshire Hathaway didn't have a full time inhouse lawyer. He said, lawyers want to lawyer. They tend to look for legal actions to every problem.

 

[FlaMariner]

We try to stay out of the lawyers office so thinking a retainer would not be efficient for us.

We do have umbrella insurance so that should (hopefully) call in the insurance A team lawyers.
We did have our wills, trusts, POA's, medical wishes all handled with one swoop into the lawyers office.
I did secure a lawyer for assistance with an employment contract many years ago. She took a "retainer" check...thinking it was $2,000 and it was eaten up rather quickly. LOL.
When we close on real estate, we use whoever.

 

[OldShooter]

In my limited (thankfully) experience the word "retainer" has referred to a prepayment of future fees. The lawyer charges his costs against the retainer I have paid and when it's gone he asks for more. It really has had nothing to do with the common meaning of "retain."

 

[Scuba]

Different lawyers have different areas of expertise. We hire as needed.

 

[2017ish]

Former lawyer here (although technically still licensed). I was big law litigation and boutique litigation depending upon when--and have a long standing avocation for estate and financial planning.

Can't imagine someone with 7 or low 8 figure estate needing to have attorney on retainer for T&E work. (Frankly, can't imagine it for higher net worths either, but concede that my imagination may be faulty at such levels.)

 

[Act2]

I don’t have a lawyer on retainer. When they bill, I pay promptly. Has not been an issue.

 

[Bryan Barnfellow]

We have legal insurance here, which provides for consultations with lawyers and representation in legal disputes. We have used the consultation once so far: a 30 minute chat by telephone about a minor issue. So, it sort of feels like a retainer; but isn't the same of course.

-BB

 

[Dash man]

We don’t pay an attorney to be on retainer. We do have an estate attorney that is part of a larger firm with many specializations. We also have a friend at our church who helped when DW and I adopted each other’s sons.

 

[MarieIG]

Former lawyer here (although technically still licensed). I was big law litigation and boutique litigation depending upon when--and have a long standing avocation for estate and financial planning.

Can't imagine someone with 7 or low 8 figure estate needing to have attorney on retainer for T&E work. (Frankly, can't imagine it for higher net worths either, but concede that my imagination may be faulty at such levels.)

When the NW gets large enough, the "in-house" attorney(s) who are employed by one of the (interrelated) entities, have easy access to whatever outside high-end counsel they want/ need. (Yes, more than the 7 and low 8's.) It's a different world.

 

[brett]

No.

The few times we have engaged a lawyer I wanted one with a specific practice focus. Employment, wills and estates, family law, real estate.

Not necessarily in the same firm or partnership group or indeed in the same city.

Never on retainer, never on a contingency basis.

 

[ls99]

No. Maybe if my net worth was in multigazzillion. It is not.

 

[jollystomper]

We had a lawyer for all our estate/health planning stuff, but no retainer. We will pay her when we want to review/update that information, but so far no need.

For other things, I am fortunate to have six lawyers in close family (siblings, nieces, nephews), in various specialties, who are happy to have us run things by them and evaluate if any actions that require a lawyer is needed.

 

[mystang52]

Yes I do, 2 attorneys. My retainer fee is zero. It helps to have 2 kids who are lawyers.

 

[gcgang]

Upon advice of my retained attorney, I cannot answer your question.