Fees and Billing With Richmond Law Firm

A retainer is a deposit of funds paid to the Law Firm in advance. The retainer will be held by the Law Firm in a trust account. The fees and expenses incurred that are related to the client’s case will be billed against the retainer, usually once or twice a month. When the fees and expenses are billed against the client’s retainer, the client will be sent a request to replenish the client’s retainer. The client is expected to replenish the retainer to a predetermined minimum balance (most often the original retainer amount) each time the fees and expenses are billed against the client’s retainer. A retainer replenishment request will be sent to the client identifying the replenishment amount that is required.

For instance, if a client’s initial retainer is $3,500, the client will be required to pay that amount for the Law Firm to begin providing services to the client. In the first month, if there are fees billed towards the client’s case in the amount of $700 and expenses incurred in the amount of $375, then $1,075 will be billed against the client’s retainer. The remaining retainer balance will then be $2,425. The Law Firm will send a retainer replenishment request to the client, requiring that the client replenish his or her trust account in the amount of $1,075 to bring the retainer balance to the original amount of $3,500. This will occur routinely, usually once or twice per month, to ensure funds are on retainer at all times for fees and expenses that are required for the client’s case.

Questions? Reach out at (281) 992-1600 today.