On Why and How to Start an ‘Annual Retainer System’

“This Isn’t Your Father’s Law Firm”–But Maybe It Should Be 
By Victor J. Medina

  • What – Convert Initial Transaction, Into a Well Defined, Long Term  Relationship
  • Why –  Because It is Good for your Clients, Good for Your Practice
    – Assures Plan Works When It Is Needed
    – Doubles Firm Income After 10 Years and Doubles Value of Practice
  • How – Defing Your Program and Convincing Yourself is Your Most Critical Task
    – Include 1st Year with Initial Planning, Charge Thereafter
    – Yearly Retainer Fee (+10% or Initial Fee if Personal Meeting or Doc Updates,
    -10% if primarily a protocol for special access, and for exchanging information)
  • Develops a sense of  ‘My Lawyer’
  • Identifies little issue before they become big issues
  • Technology can make the retainer program ‘scaleable’ by facilitating the process and preclude an administrative burden 

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