Retainers

Keith Lee

I was sitting in my office yesterday afternoon when my phone dinged. It was one of my law partners. He had sent me a picture of our other partner standing in front of an auditorium with about seventy-five people in it. They had gone to one of the local law schools here to speak about dealing with clients. Like many other law schools, this law school is focusing on providing their students some manner of real-world experiential education in the elusive hopes of making students “practice-ready.” An impossible task, but at least students are exposed to practicing lawyers, even if just for a day. I mean, it’s better than a seminar on Harry Potter and the Law.

After speaking for a bit, they took questions from the students. Eventually, someone asked what to do about a difficult client. The response?

“Double the retainer.”

After the crowd chuckled, he added: “In all seriousness, double the retainer.”

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Tom Wallerstein

When I started my firm, several mentors gave me the same advice: Don’t work for free. It’s easy to see the problem with working for free. Giving away what you’re trying to sell isn’t exactly in the business plan. Unfortunately, this sage advice can only really be learned the hard way, through experience.

Working for free can arise in many different ways. The most obvious example is a client who wants you to represent him but can only promise to pay you later.

Even if your gut tells you that taking on that client is a bad idea, this can be surprisingly tempting to a new firm or solo practice. For starters, there is such a thrill with getting your first client, or your first “real” client, or your first big client, or your first whatever client, that the excitement can cloud your better judgment. You will be tempted to overlook the red flags that you will not be paid for your work….

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