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Thread: What one word encapsulates this idea?

  1. #1
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    What one word encapsulates this idea?

    The idea:

    Joe Smith pays for a 1-hour initial appointment with a lawyer or consultant. When Joe decides to retain the services of the lawyer or consultant, that amount is used towards payment of services?

    What one word sums the "amount"? A word that encapsulates money that won't be refunded, but will be used for future services.

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    Re: What one word encapsulates this idea?

    Quote Originally Posted by hanzj View Post
    The idea:

    Joe Smith pays for a 1-hour initial appointment with a lawyer or consultant. When Joe decides to retain the services of the lawyer or consultant, that amount is used towards payment of services?

    What one word sums the "amount"? A word that encapsulates money that won't be refunded, but will be used for future services.
    A "retainer" is an amount of money paid up-front to retain services. Under the situation you've put forth, however, Joe Smith has paid for an hour of consultation, and already received it. There's nothing to apply towards future services.

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    Re: What one word encapsulates this idea?

    How about - 'that amount is credited against future services' ?

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    Re: What one word encapsulates this idea?

    thatguruguy,
    Well, imagine two people, Joe Smith and Sara Public, go see Mr. Expert.
    Joe Smith pays $100 for an hour of initial consultation before getting $5,000 worth of services from Mr. Expert. The $100 is used as a discount on the $5,000. So Joe pays a total of $5,000 for $5,100 worth of Mr. Expert's time/services.
    Sara Public, on the other hand, forgoes the initial consultation and pays $5,000 for the same services. In the end, she pays $5,000.


    Both paid $5,000, but Joe Smith ends up with more value.

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    Re: What one word encapsulates this idea?

    In my experience of lawyers the word would be "lost" or "wasted".

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    Re: What one word encapsulates this idea?

    Quote Originally Posted by hanzj View Post
    The idea:

    Joe Smith pays for a 1-hour initial appointment with a lawyer or consultant. When Joe decides to retain the services of the lawyer or consultant, that amount is used towards payment of services?

    What one word sums the "amount"? A word that encapsulates money that won't be refunded, but will be used for future services.
    prepaid?

    I think there is a better word to use, but I just sat down with my coffee this morning. Haven't officially woke up yet.
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    Re: What one word encapsulates this idea?

    Quote Originally Posted by thatguruguy View Post
    A "retainer" is ............

    Thats it... Retainer Fee..

    New there was a better word then prepaid..
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    Re: What one word encapsulates this idea?

    Marketing.
    Make you believe your getting something for nothing.

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    Re: What one word encapsulates this idea?

    Quote Originally Posted by hanzj View Post
    Joe Smith pays for a 1-hour initial appointment with a lawyer or consultant. When Joe decides to retain the services of the lawyer or consultant, that amount is used towards payment of services?
    NO. The initial amount paid was for the 1-hour consultation and has no bearing on future services rendered by the lawyer or consultant.

    You paid him his fee for the initial consultation, after that you have to pay any addition fees.

    So what you are saying is you want that initial service fee for free based on future services rendered. Does not work like that.

    The only way to ensure future services without compensation is where you go into a contract with the lawyer/advocate and they get a cut of the settlement if it's in your favour. They will only do this if they know they have solid case after reviewing all the evidence/facts. I actually have a friend in this very situation right now.
    Last edited by mips; June 19th, 2012 at 05:57 PM.

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    Re: What one word encapsulates this idea?

    Quote Originally Posted by hanzj View Post
    thatguruguy,
    Well, imagine two people, Joe Smith and Sara Public, go see Mr. Expert.
    Joe Smith pays $100 for an hour of initial consultation before getting $5,000 worth of services from Mr. Expert. The $100 is used as a discount on the $5,000. So Joe pays a total of $5,000 for $5,100 worth of Mr. Expert's time/services.
    Sara Public, on the other hand, forgoes the initial consultation and pays $5,000 for the same services. In the end, she pays $5,000.


    Both paid $5,000, but Joe Smith ends up with more value.
    The expert has already earned the first $100. There is no discount to be applied, because the money was already earned.

    Many attorneys don't charge anything for an initial consultation. During the initial consultation, only generalities will be given in response to the questions presented by the potential client. It's a chance for the attorney to decide if it's a matter he or she would want to handle, and allow the client to decide whether he or she is comfortable with that particular attorney.

    If the client decides to hire the attorney, the attorney will charge something based upon the expected amount of work to be paid up front, which is what the retainer is for. For instance, if the attorney assumes that the representation will take between 5 and 10 hours and he normally charges $200/hour, he may request a retainer of $1000 up front before doing any more work after the initial consultation. All of the initial billable time will be charged against the retainer, and the client won't be billed for anything until the retainer has been exhausted (in this case, the attorney has spent more than 5 hours on the case). Generally, the attorney will not incur any more time on the matter unless the client is consulted first, to inform the client that the retainer has already been exhausted. It is the attorney's duty to present accurate billing reflecting the time spent on the matter.

    That's how retainers work. It's a way to ensure that the client receives work for his money, and that the attorney receives money for his work.

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