Retainer Fee

A retainer fee is an upfront payment made to secure the services of a professional, such as a lawyer or consultant. This fee ensures that the professional will be available for your needs and often covers a set number of hours or services. Essentially, it acts as an advance payment, giving the client access to expertise when required. The retainer may be used as the work is completed or held as a guarantee for future services. If the entire fee isn’t used, it may be refundable, depending on the agreement.