retaining fee
Definition
Noun: - A retaining fee is a sum of money paid in advance to secure the services of a professional, typically a lawyer, ensuring that the professional is available to act on the client's behalf when needed. It is often a non-refundable deposit that reserves the professional's time and expertise.
Usage Examples
- (An upfront payment to secure the lawyer's services.)
- (A standard advance payment for professional services.)
Advanced Usage
"to pay a retaining fee": to make an advance payment to secure professional services.
- She paid a retaining fee to the consultant for ongoing advice. (She made an upfront payment to ensure the consultant's future availability.)
"retaining fee agreement": a contract specifying the terms of the advance payment.
- The retaining fee agreement outlined the scope of work and payment conditions. (A formal document detailing the fee arrangement.)
Variants and Related Words
- Retainer (n): a fee paid to secure someone's services; also, a device that holds something in place.
- The lawyer requested a retainer before starting work. (A synonym for retaining fee.)
- Retain (v): to keep or continue to have something; to secure the services of someone.
- They decided to retain a lawyer for the case. (To hire or keep a professional.)
Synonyms
- Advance fee: a payment made before services are rendered.
- Deposit: a sum paid as a guarantee or part payment.
Related Idioms
- "To be on retainer": to be employed under a retaining fee arrangement.
- The lawyer is on retainer for the company. (The lawyer is paid a fee to be available when needed.)