Ethics

Article here.  Abstract:

The law generally recognizes lawyers' right to reasonable fees for their services. For years, lawyers seeking to secure payment have requested security retainers from clients. Clients who wish to ensure a favored lawyer's availability to represent them in transactions or litigation have long been able to do so by paying general retainers. In recent years, flat fees have received considerable attention as a means of fairly pricing legal services and ensuring predictability in the cost of those services. Yet retainers and flat fees are often misunderstood by courts and lawyers alike. Many lawyers fail to appreciate the professional responsibility aspects of the various forms of retainers and flat fees that they employ. This article explains the practical mechanics and professional responsibility implications of general retainers, security retainers in all their forms, and flat fees. In fact, only general retainers are truly retainers; security retainers and flat fees are actually fee advances. Unfortunately, the term "retainer" is so engrained in the language of the law that the widespread recharacterization or redefinition of the various lawyer-client financial arrangements that the term is intended to describe probably cannot be achieved.