What is the term used for a funding agreement between a client and solicitor?

What is the term used for a funding agreement between a client and solicitor?

• A. Contingency Fee
• B. Retainer
• C. Pro Bono Agreement
• D. Hourly Rate Agreement

Answer: (B)

A retainer is the funding agreement between a client and solicitor. It represents an upfront payment or deposit that secures the solicitor’s services and availability to act on the matter. Fees are typically drawn from the retainer as work progresses, and any remaining balance is settled at the end. This differs from a contingency fee (where payment depends on winning the case), pro bono (free services), or simply paying an hourly rate (charging for time spent without the upfront securing arrangement).

A retainer is the funding agreement between a client and solicitor. It represents an upfront payment or deposit that secures the solicitor’s services and availability to act on the matter. Fees are typically drawn from the retainer as work progresses, and any remaining balance is settled at the end. This differs from a contingency fee (where payment depends on winning the case), pro bono (free services), or simply paying an hourly rate (charging for time spent without the upfront securing arrangement).