The down payment is like a minimum payment and a down payment. That way, the lawyer doesn't get out of his. If the total cost of the services provided ends up being less than the retention fee paid in advance, you are entitled to a refund of the excess amount. It is advisable to periodically review billing statements to ensure that they accurately reflect the work performed.
If you're not sure if your down payment is used up, you can ask your lawyer for an itemized bill showing all the work you've done. The most common form of down payment applies to attorneys who, in most cases, require potential clients to pay an advance payment fee. I've been trying to ask the guy for a couple of months if he can find out for me and I feel like he's thinking about me right now. A withholding fee is an upfront payment that clients make to their attorneys and is held in a trust account.
The accrued retention fees are the part of the advance to which the lawyer is entitled once he starts working. Advances from attorneys can be a bit complex, but here's a succinct guide to help you understand if they're refundable and what your options might be. If the client's case is resolved before the five-hour limit is met, the attorney reimburses the client for the remaining portion of the advance payment. For this reason, these fees are often separated from the hourly wage of the consultant, freelancer or lawyer.
Accrued retention fees may be awarded to the lawyer little by little, depending on the number of hours worked. As the lawyer works on your case, he will bill your time against the withholding fee at an agreed hourly rate. If you or your lawyer end the relationship before the down payment runs out, and if the agreement and applicable laws allow it, the remaining part of the down payment may be refundable. When hiring legal services, the financial agreement between you and your lawyer is usually structured around a retention agreement.
