Reasons why businesses might prefer to consider a retainer contract for their legal matters
When it comes to matters of commercial and employment law, there is a decision to be made for businesses to opt for either a regular retainer or to reach out for advice on an ad-hoc basis when a crisis emerges.
Employing a retainer approach means that you’ll pay an agreed amount to a law firm who will work on your behalf on all legal matters and be on hand whenever you require any legal services or advice. Some law firms, like Tinsdills Solicitors, offer flexible retainers. This means that your monthly fee could be subject to increase or decrease depending on how often you require their services. This is particularly helpful if you’ve over-estimated how much legal assistance you might require and you’d like to switch to a more cost-effective option, or if you require more legal assistance than you’d initially anticipated, so your business would benefit from some flexibility.
Some reasons why businesses might prefer to consider a retainer contract for their commercial and employment legal matters include having on-demand legal advice and your own legal team who work as an extension to your business and in-house team. More specifically, the benefits of working with a law firm on a retainer basis are:
- Financial control: Legal issues aren’t usually projected, so budgeting for them can be ineffective. Opting for a retainer with a trusted law firm means that you won’t have to worry about the financial implications to your business, should you encounter a turbulent month, legally. So, having a law firm to hand for all of your needs adds an element of security to your business, as it means that you won’t be caught out financially by having too many unexpected fees for ad-hoc services that go beyond your budgeted expectations.
- Flexible packages: Many law firms offer packages with variable fees depending on your business’ individual requirements. This means that you’ll boast an entire team of legal professionals working in your business’ interests, for a monthly fee that should be far smaller than the cost of employing a legal team in-house.
- Efficiency: By using a retainer to build a relationship with your legal team, you’ll boast the most efficient way of working. This way, when matters such as issues with your terms and conditions, queries about your supply contracts, or disputes with your employees arise, you’ll be in the best possible position to navigate them seamlessly.
- Easy contract: Through your retainer agreement, you’ll have a solicitor on hand to deal with your legal issues and offer advice, as standard. Often, this means that you’ll be able to reach a legal adviser at any time through email or telephone, or even face-to-face electronically.
- Unprompted legal updates and advice: By employing a retainer approach, you’re signing up to being both proactive and reactive when it comes to legal matters concerning your business. The law firm that you opt to work with will continually make you aware of any legal updates, issues or provisions that will concern your business, often before it becomes essential for you to adapt to them. This means that your business will be in a position to avoid legal issues, as well as dealing with them efficiently whenever they arise.
- Solutions for a variety of problems: Retainers with law firms mean that you’ll have someone on hand to deal with issues across all areas of commercial and employment law, including debt collection, GDPR, grievance and disciplinary matters, HR matters, performance management, settlement agreements, sickness absence, TUPE, redundancy, reviews of employee handbooks and employment contracts, terms and conditions and trade and supply agreements.
In addition to the above, retainers and the relationship that comes with them are particularly beneficial in uncertain times. Having a trusted helping hand with commercial and employment legal matters will only solidify the standing of any business in usual times, but this is particularly evident at a time wherein many companies and employers are uncertain of their legal standing. To add an element of clarity and peace of mind to your business – both now and in the future, consider a retainer package today.
