What’s the Difference Between a Subscription Plan and a Retainer Fee?
Whether you own a residential, commercial, or specialty trade construction business, a Cotney Construction Law Subscription Plan can help you reduce risk and effectively budget your legal expenses. In this editorial, a Knoxville construction attorney will discuss how our subscription plans differs from the antiquated retainer model. Remember, legal services don’t have to be complicated or expensive. To learn more about our subscription plans, please visit our website or give us a call at 888-365-2511.
The Differences Between a Retainer and a Subscription Plan
The old legal retainer model needs some dusting off. That’s why we now offer subscription plans at Cotney Construction Law. Let’s assess the difference between these two payment methods for legal services and how a subscription plan can benefit your construction business:
Access to On-Demand Attorneys
In its most common usage in today’s day and age, a retainer is an advanced payment that a client pays to an attorney for their future legal services. In other words, it’s a deposit that a client pays to hire and “retain” the lawyer. The lawyer then bills against that retainer at an hourly rate. Conversely, our subscription plans are billed monthly fees for specified ongoing legal services, allowing you to receive instant access to our knowledgeable, “on-demand” Knoxville construction attorneys. In other words, a retainer is a rainy day fund; whereas a subscription plan is an everyday fund.
Day-to-Day Legal Assistance
Retainers are common for clients that require legal services for trials and lawsuits that can take years to resolve. In some cases, this money can sit in an account untouched for months or even years. Our subscription plans fulfill all of your business’s day-to-day legal needs. For example, if you need assistance with a preliminary lien notice or claim of lien, a Knoxville construction lien lawyer can help.
Fixed Monthly Payments
Retainer accounts can run low or be depleted overtime. Typically this results in the client either refilling the account or terminating the provided legal services. With a subscription plan, you pay a fixed monthly fee for legal services, so your construction business doesn’t need to worry about whether or not it needs to pony up more money to ensure its legal needs are covered.
Budgeting Legal Expenses
There is no guarantee of how much you will end up spending on legal services under the retainer fee model, and in most cases, once an advanced fee retainer has dried up, the attorney will either require their client replenish the retainer so they can continue billing by the hour, or institute a contingency fee agreement. Conversely, there are no unexpected legal fees with a monthly subscription plan. With no surprises, you can effectively budget legal expenses because you know exactly what you owe every month.
Retainer fees can often lead to unexpected bills for work you didn’t know was needed, but when you pay a fixed monthly fee for legal services, there’s little to no room for misunderstanding what you owe each month.
Know What’s Covered
With a subscription plan you get the flexibility of selecting a plan that provides you with exactly the legal services you need. Nothing more, and nothing less.
Peace of Mind
With a subscription plan, you have peace of mind knowing that the money you invest into the plan is being utilized each month for the services you need at a cost-effective price, that you have secured your attorney’s representation, and that you’ll be afforded priority access to your attorney at a moment’s notice.
We’re Committed to the Construction Industry
Clients generally utilize either form of payment because they want access to a high-profile attorney that practices in a specific area of law. Fortunately, at Cotney Construction Law, our subscription plans provide you with access to knowledgeable and experienced construction attorneys that understand the complexities of the construction industry. Our monthly subscription services are designed specifically for your ongoing needs. They’re flexible and affordably priced at a fixed rate. This way, you get the services your operations require and access to an on-demand attorney when you need them.
To learn more about our subscription plans and to schedule a FREE legal analysis today, consult the attorneys of Cotney Construction Law.
If you would like to speak with a Knoxville mechanic’s lien law attorney, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.