To keep a law firm or solicitor on hand to cater to all your legal needs, you can establish a written retainer agreement between yourself or your business and a law firm. A retainer fee is then paid to secure the law firm’s availability, typically in the form of a monthly fee calculated according to your legal needs and the law firm’s usual hourly fee.
By having a solicitor on retainer, you have the peace of mind that comes with knowing reliable legal advice or representation will be available whenever you need it. For business owners, this is especially important, as they are constantly grappling with a range of legal requirements under varying laws, from employment and immigration laws to data protection legislation and tax matters.
With a law firm on retainer, you can comfortably get the legal guidance you need without worrying about the cost of each phone call or consultation.
2. The right fit
Rather than sourcing a new lawyer as and when needed, hiring a law firm on retainer allows the firm to gain a more in-depth understanding of your business’ interconnected challenges. This way, you will be able to work with solicitors within the firm who are best suited to your changing legal needs.
If you frequently require the services of a lawyer, be it for expert advice or representation, paying a retainer fee is far more affordable than hiring an in-house team to handle your company’s legal demands.
Having the right legal counsel on hand for any and every issue, no matter how big or small, can also prevent costly and time-consuming legal disputes, and help you avoid civil or criminal liabilities in the long run.
4. Professional indemnity cover
Outsourcing your legal department to a regulated law firm will mean that the advise you receive will always be backed up with professional indemnity insurance to give you peace of mind, unavailable to an in-house legal team.
5. Develop a long-term relationship
Having a longstanding relationship with a law firm through a retainer agreement means the firm can get to know your business and develop a strong legal framework to protect your specific business interests and help improve your company’s operations. It also means your business will always be compliant with any changes to legislation over time, and that your solicitors can continuously work to find the best legal solutions to any problems your business may face.
For more information on our retainer agreements, or for a free 15-minute consultation on business legal issues, contact us at The London Law Practice today.
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