Retainer

A fee arrangement that secures an advisor’s availability, prepays services, or covers an agreed scope of work. The engagement determines the payment schedule and how the fee is earned.

Retainer in practice

Hypothetical: a business engages outside counsel on a monthly retainer for agreed routine advice. The engagement specifies the included work, charges for additional work, and treatment of unused amounts.

Time and materials · Fixed fee · Board of directors · All of the glossary