Typical Biglaw Monthly Retainer
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Anonymous
| Can anyone offer advice on what a typical BigLaw monthly retainer looks like for regulatory/advocacy work? Are we talking $10k/month? $50k a month? Or do some firms still bill hourly? |
Anonymous
| Wait, who is using a retainer in biglaw? Everything we bill at my firm is hourly, at least on the transactional side. |
Anonymous
| $10K per month fixed won't get you in the door at big law (would be about 4 hours of my time). To the extent there is a retainer, it is still billed against on an hourly basis. |
Anonymous
| The retainer is just to make sure the firm gets paid. If the firm asks for a 10,000 retainer, that will be your deposit. Invoices should show you hourly billing, the amount of the retainer used and the amount of retainer remaining. Once the retainer is used up, they may ask you to replenish or allow you to pay your monthly invoices. Do you have an engagement letter? Also, I assume it varies by firm but this is the general concept. |
Anonymous
| We recently received a proposal from a BIGLAW firm that wanted a $50k monthly retainer. Think Firm in the realm of Covington, Sidley, etc. |
Anonymous
| For corporate clients, I think a $30k/month retainer is standard. |
Anonymous
Most firms put their clients on a monthly retainer and then bill against it, assuming it's BigLaw. You're not going to have a firm like Kirkland or Sidley billing by the hour and then sending the invoice. LOL. They want a contractual monthly rate of $50k or so for an agreed-upon period of time (6 months). |
Anonymous
Agreed. I would say $30k/month fixed is pretty standard for BigLaw if not on the lower end. a $10k retainer will get you a personal injury or divorce attorney, though! LOL. |