All businesses, from small sole proprietorships to gigantic corporations, can reap great benefits by working with a lawyer. If you own or plan to own a business, it’s important to form a professional relationship with a skilled lawyer that you can trust. He or she will help ensure that you are abiding by the relevant laws that govern your business. Here’s what you need to know about legal retainer services.
What are legal retainer services and do I really need them?
When a business enters a legal retainer agreement with a lawyer, they pay the lawyer an upfront fee to ensure that he or she is always available whenever the business needs legal help or advice. This lawyer typically has an intimate knowledge of the business in question so that he/she can provide the best legal services for its unique needs.
So, do you really need legal retainer services? It depends on the needs of your business. Again, all businesses will need to work with a lawyer to ensure its smooth sailing.
Some businesses hire lawyers on an ‘ad-hoc’ basis, literally meaning ‘for this.’ This means they hire lawyers only as needed, when a specific situation crops up that must be handled by a lawyer. This works out if the business rarely needs legal assistance in their operations. While it sounds more practical on paper, it can also be difficult to look for a competent and trustworthy lawyer that can address your needs immediately, especially on short notice.
Alternatively, other businesses hire a business lawyer as a regular employee. This ensures that legal help for the business is always available and within reach. However, hiring a lawyer as an employee can be expensive. The additional cost of staff and office expenses must be considered. It may not be worth hiring an in-house counsel if you don’t need constant legal help.
If neither of these options fit your needs, that’s when you need legal retainer services. If you regularly need the services of a lawyer but don’t have the budget to hire one as a regular employee, availing legal retainer services is the perfect compromise. You can rest assured knowing that your retainer lawyer will prioritize your needs for a cheaper cost.
What are the benefits of legal retainer services?
- Immediate responses. The legal world is fast-paced. You need someone who is able to prioritize your needs to keep up.
- Work with a lawyer with intimate knowledge on your business. A lawyer who is familiar with your business, including its history and its way of operations, can make smarter decisions for you and give you quality legal advice. It also means you don’t have to debrief the lawyer every time you require his/her services.
- Prevent and mitigate any potential legal issues. Having a retainer lawyer can help solve any legal issues that may crop up and minimize the damage as soon as possible. He/she could also help set up preventative measures to avoid legal issues entirely.
What services are included in a legal retainer agreement?
Inclusions of a legal retainer agreement may be tailor fit to suit one’s needs. Some common services include:
- Drafting of legal documents, such as routinary contracts, letters, agreements, and other legal paperwork;
- Reviewing of contracts and engagements;
- Notarial services;
- Providing legal advice in compliance with Philippine regulatory requirements, including labor and tax regulations; and
- Representing the business in routinary meetings.
