The legal process can be put on hold if payments are not made on time. An evergreen retainer is a mutually beneficial approach that streamlines the payment process. This allows everyone to focus on what’s most important, achieving a desirable outcome for your case.
What’s an Evergreen Retainer?
An evergreen retainer is a payment agreement where a client pays a specified amount of money into a law firm’s trust account. Think of it like a prepaid credit card or savings account.
Your attorney will invoice against your evergreen retainer and take money out of that trust until it reaches a certain level. Then, you replenish the fee when it gets down to a predetermined minimum balance to keep your account “evergreen.”
How Does an Evergreen Retainer Improve Legal Services?
Having an evergreen retainer will ensure that you can always access legal services. The law firm will not need to take time to set up a payment plan or wait for your payment to provide legal advice. Legal services can be freely given without a time limit or restriction unless the client places explicitly desired conditions.
Benefits of Having an Evergreen Retainer
There are many benefits for the client, attorney, legal staff, and law firm with an evergreen retainer.
Constant Access to Legal Services
In any legal matter, having hindrances regarding payment can give you a significant disadvantage. An evergreen retainer provides constant access to your lawyer and gives you legal advice when you need it.
Transparent and Efficient Billing Process
Having a process in place for billing creates transparency between the attorney and client. The attorney will no longer have to verify financial information, which slows down the payment process. Therefore, payments are made faster and on a more consistent basis. Additionally, clients will know what they’re paying for and when they are paying for it.
Enables the Firm to Streamline Accounting
With an evergreen retainer, your attorney can invoice expenses clearly and ensure there are no outstanding payments. This allows your firm to focus more on your case instead of balancing the books.
You’re in Control of Your Payments
Some evergreen retainers are funded with one payment, while others allow you to make regular payments. One of the most significant benefits of an evergreen retainer is that you are in control.
Contact a Medina Lawyer for Help Today
If you have questions about how to pay for legal services, Erb Legal is here for you. We can explain our fee structure and how it benefits your situation.