Retainer Proves Effective for Business Owner
Posted by: Copenhaver, Ellet & Derrico
Business professionals often seek the guidance of trusted attorneys for numerous reasons and in all different scenarios. However, a major concern for these individuals and especially for smaller business owners is the cost involved with hiring a lawyer, who might be wary about the cost of basic calls, asking for legal advice. While ongoing costs can be significant, it is critical to remember that not consulting a qualified legal professional can be considerably more expensive. Therefore, it is often prudent for these professionals and business owners to consider placing an experienced attorney on a retainer. Essentially, this is a continuing payment for services to be performed that is intended to ensure the lawyer will represent your legal interests. For example, Roanoke’s Law Firm of Copenhaver, Ellett & Derrico is the designated legal counsel for several businesses, including a local heating and air conditioning service.
While this particular business owner does not always have the need for legal advice or representation, he treats his retainer expense as a form of insurance for a further need. A simple phone call seeking advice does not result in an additional bill. Recently, the man ran into some difficulty collecting a payment from a customer. In an effort to review his available options, he consulted with attorney Rick Derrico, who was able to explain the process of pursuing a mechanic’s lien against the delinquent customer, and discussed the likelihood of its effectiveness. As a result of this proprietor’s forethought, the cost of this consultation, as well as following-up with a legal recourse, has already been covered, saving him time and effort by freeing him to ask for legal advice without worrying about further billing.
The outcome of an individual case depends on a variety of factors unique to that case. Case results do not guarantee or predict a similar result in any similar or future case.