Retainers and Fee Arrangements
The Firm’s initial retainer for new clients is $2,500, and is deposited into the Trust Account. Cowboy carefully maintains accurate time entries and expenses for each client and file. Currently, the Firm charges a $225 hourly rate for Cowboy’s services and $60 per hour for the legal assistant. These rates are subject to change. At the end of each month an itemized statement is prepared for each file, and funds are withdrawn from the Trust Account to pay the fees and expenses incurred for that month. If the legal matter is completed and there is a remaining balance to the retainer, that balance is refunded to the client. If the retainer is exhausted, the client will be required to deposit a second retainer into the Trust Account to be drawn on until the matter is concluded.
Before the Firm represents a new client, a Project Engagement letter must be executed. (see Project Engagement Letter) After a credit relationship is clearly established with a new client and payment for legal services is deemed secure, the retainer deposit requirement can be dismissed and monthly invoices can be used.