Credit: Bigstock® Retaining the 'Right' Retainer: Classic, Security or Advance-Payment?
Sometimes a prospective client is on the verge of bankruptcy, or creditors loom; sometimes the prospective client is a criminal defendant whose property is subject to forfeiture. Here's what to be mindful of before entering a retainer agreement in these cases.
January 08, 2021 at 11:00 AM
8 minute read
This article evaluates which type of retainer agreement gives attorneys the best chance to preemptively shield their retainer fees before a client ends up in bankruptcy or the Department of Justice seizes and forfeits the client's assets.
The scenario is this: A struggling business on the precipice of bankruptcy, or a criminal defendant whose property is subject to forfeiture, would like to hire you. The prospective client has funds available to pay its legal fees, but what if you and/or the client expect that bankruptcy trustees or the Department of Justice will soon claim those funds for themselves?
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