How much do you guys think is a reasonable fee for a retainer to do a client's work ASAP, etc, (soon as they contact you), or do you think this practice is unethical? Attorneys certainly don't think so.
While it will vary depending on locality, what say ye? (in my best Shakespeare voice)
TO RETAIN OR NOT TO RETAIN, THAT IS THE QUESTION! or how to, when, and how much...
For unknown clients, 50% upfront, balance upon delivery of paperwork. Sometimes, depending on how the job progresses, balance before final corners are set.
For a long term client:
15% to 25% of historic annual fees, billed quarterly and 90% deductible from actual billed work.
For a walk-in (one time client):
50% of estimated fees up front.
Thread hyjack - a funny story on the news this week
The complaining lady is not happy of the will of her recently passed away mom, who gave the bulk of the fortune to her son, and not much for herself, the daughter. So she decides to contest the will and in order to do so, she needs to hire a lawyer. Lawyer says, "I need a $25,000 retainer". The lady gives the cash to the lawyer and finds out a few weeks after the lawyer is a fraud...now she's poorer by $25,000...and she complains on TV...Man, some people are stupid when they let greed take the wheel!
New clients 50%
Long term clients, maybe nothing.
Definitely 50% up front for all new clients. And maybe the same for some returning ones - depending on their history.
They have to pay sometime - if they have the money, it shouldn't be an issue. If they don't have the money, then you saved yourself some problems.
> For unknown clients, 50% upfront, balance upon delivery of paperwork. Sometimes, depending on how the job progresses, balance before final corners are set.
Ditto.
A great way to send deadbeats on down to road to the competition early.
AMEN
> How much do you guys think is a reasonable fee for a retainer to do a client's work ASAP, etc, (soon as they contact you), or do you think this practice is unethical? Attorneys certainly don't think so.
> While it will vary depending on locality, what say ye? (in my best Shakespeare voice)
> TO RETAIN OR NOT TO RETAIN, THAT IS THE QUESTION! or how to, when, and how much...
If you provide a price before doing the work, then this becomes pretty easy. For most, half up front, the remainder when the work is complete.
New client, rush job? Full fee up front.
Larry P