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   What does retainment mean?
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   Author  Topic: What does retainment mean?  (Read 3226 times)
inventorX
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What does retainment mean?
« on: Apr 2nd, 2007, 8:07am »
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Hi, there,  
 
I got intouch with a patent lawer regarding filing a provisional. He request a retainment and pre-condition. Can anyone tell me what does that mean to me? Thank you ahead for your help.
 
 
inventorX
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inventorX
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Re: What does retainment mean?
« Reply #1 on: Apr 2nd, 2007, 8:09am »
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Corrected: sorry for the mistakes.  
 
I got in touch with a patent lawyer regarding filing a provisional. He requested a retainment as pre-condition. Can anyone tell me what does that mean to me? Thank you ahead for your help.
 
 
inventorX
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Isaac
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Re: What does retainment mean?
« Reply #2 on: Apr 2nd, 2007, 8:29am »
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Might the have asked for a retainer?
 
A retainer is used to refer to either of two types of fees for attorneys.  
 
Informally, a retainer refers to a payment up front out of which the lawyer will charge fees as he completes the work.    If the retainer is more than enough to cover all of the attorney's work and costs, the remainder is returned to the client.  If not the attorney will have to ask for more money before completing the requested work.   My guess is that this is what you are being asked for.    
 
A retainer can also be a fee charged just for reserving the attorney as your attorney.   That money wouldn't necessarily be used to defray the cost of doing work, but would instead cover the cost to the attorney of turning done other work.   I don't believe this kind of retainer is all that commonly asked for by patent attorneys doing prep/pros work unless they have a continuing relationship with a client.   However, I believe this is the more formal meaning of retainer.
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Isaac
inventorX
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Re: What does retainment mean?
« Reply #3 on: Apr 2nd, 2007, 8:49am »
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Thank you Isaac for your quick response! You are right-It is retainer.  
 
I will find out exactly what did he mean.  
 
Just curious, how much do lawyers normally charge a fee for the second case as you discussed?
 
Thanks ahead.
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Isaac
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Re: What does retainment mean?
« Reply #4 on: Apr 2nd, 2007, 4:07pm »
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I don't have any idea what's typical. I've never received a retainer of that type. I expect that when done fairly, a retainer would depend heavily on the ability and prestige of the attorney, and how busy the attorney is and how frequently the client and attorney think the attorney's services will be needed.
 
 
 
 
« Last Edit: Apr 2nd, 2007, 4:10pm by Isaac » IP Logged

Isaac
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