Legal Question in Family Law in Kentucky
what exactly is the "retainer" when contracting with an attorney? are his hours spent billed against this, or is this his up front fee, then billing hours start?
2 Answer from Attorneys
A retainer is an advance on the fees your attorney will charge in the future. Normally we want about ten hours of pay in advance (basically, because if we don't see it in advance, we know we will never see it). The money is held in the attorney's IOLTA account (escrow), where it is still technically your money, until the attorney bills for the time and payment is made from that money. While it's in escrow, any interest earned is not kept by the attorney, but it is paid to the Kentucky Bar Foundation, which uses the money for grants to various non-profit legal organizations, for legal education, and for law student scholarships.
Once your retainer is exhausted, your attorney may ask for an additional retainer, or may set up a monthly payment plan, to continue services.
It is important that you review all billing statements, and bring any concerns to your attorney's attention as soon as possible. Find out in advance for what your attorney bills, and how much, so there aren't any surprises.