Retainer
A retainer is a sum of money paid to an attorney up front, which obligates the attorney to represent that client while ensuring that s/he will receive at least that amount for his/her services. In essence, the client "retains" the attorney's services in exchange for this advance payment.
If the case is highly complex and involves extensive research and preparation, the attorney may ask the client to sign a retainer agreement, or contract. In addition, the attorney will keep an accounting of "billable hours," and the client may expect to receive invoices for these hours as they accumulate unless another arrangement has been made.
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An alternative arrangement may be one in which the attorney offers to take the case on contingency. In this case, the attorney receives his/her fee only if recovery is made (meaning the judge finds for the plaintiff and the award is actually paid); his/her fee is "contingent" upon winning the case. A contingency fee is based on a percentage, which varies according to how the case plays out. If the parties reach an out-of-court settlement, the attorney may receive only 25%; if the judge rules (and there is no appeal on the part of the defendant), this can go as high as 40%.
A retainer may also be a court appointee whose function is to maintain and oversee the assets of a legal entity, such as a corporation. An example is the case of a lawsuit between the shareholders of a publicly traded company. If there is some concern on the part of the litigants that one or more of the company's share-holding executives may cause financial harm through incompetence or intent, they may petition the judge to appoint a retainer in place of such officers.