What are Legal Retainers: A Guide by Gant Law, Your Greeley, Colorado Family, Probate, and Estate Planning Experts

If you're in Greeley, Colorado, and seeking advice on a family, probate, or estate-planning matter, Gant Law is your local go-to law firm. We understand that legal terms can be overwhelming, so let's unravel the mystery behind one such term – legal retainers.

What's a Legal Retainer, Anyway?

Alright, let's get to the bottom of this retainer business. Think of it like this: when you're about to hire a lawyer to tackle your legal woes, what are they giving you in return? Their time. But once they’ve put in their time, it’s expended, and they cannot withhold it to ensure payment. Thus, the legal retainer. You can think of it as an upfront payment by a client for future time the attorney will put in. It’s the assurance of payment before they roll up their sleeves and dive into your case.

Now, these retainer funds can also go by the name "trust funds." Fancy, right? But don't let that throw you off. This is just a way to assure both you and the lawyer that you're committed to this legal journey.

It's Still Your Money (Mostly)

The important thing about a retainer is that the money you put in is still yours until your lawyer earns it. Your lawyer needs to put in some hours and effort to earn retainer funds. So, until they've put in the work, it's your money, just kept in a safe account. And another cool part? The law firm does not earn any interest on that account. Instead, it goes to a public fund to help with legal needs for those who cannot afford a lawyer.

What Happens After the Legal Dust Settles?

Your legal matter is all sorted, and your lawyer has fought the good fight. What happens if you have leftover retainer funds? Well, no need to worry there. Any of those funds that haven't been earned by the lawyer will make their way back to you.

Trial Retainer

Now, let's say your legal journey is more of a marathon than a sprint. If your case goes all the way to trial, you might need to add more funds to your retainer. But this time, it's called a "trial retainer." It's like a second wind for both you and your lawyer to keep pushing forward. It also will help you more seriously and realistically weigh the pros and cons of settlement, if that is an option for you.

Running Low on Funds? No Problem

Okay, imagine you're driving across the country and your gas gauge is creeping toward empty. That's similar to when your retainer funds start running low. But don't sweat it too much. You won't suddenly find yourself without legal backup. Usually, your lawyer’s firm will give you a heads-up when the funds are running thin.

And if the "low funds" light starts blinking, you'll be asked to top off your retainer. This is often done in $1000 increments. It might feel like a hassle, and in that case, feel free to add more than $1000.

In a Nutshell

So, there you have it – the scoop on legal retainers without the legal lingo. Remember, a retainer is like a financial handshake to kickstart your legal process. You can think of it as a prepayment for legal services. Your lawyer works to earn those funds, and if there's anything left after your legal matter, it heads back to you. Just be prepared for the possibility of a trial retainer or topping up if your funds start dwindling.

Legal matters might be confusing, but the idea of a legal retainer doesn't have to be. It's all about putting a bit of skin in the game to get the legal wheels turning.