Definition - What does Retainer Agreement mean?
A retainer agreement is one made between an attorney and a prospective client with regard to payment for legal services. The terms of the agreement can vary, but the one constant is that payment is generally required before the specified services are rendered. Once the person seeking the legal services signs the agreement, they officially become a client.
Justipedia explains Retainer Agreement
A retainer agreement is designed to protect both the client and the attorney. Once it is signed, the attorney can no longer represent anyone with opposing interests in the same case. The agreement also ensures that the attorney is paid for costs incurred from any legal advice, representation or related services rendered.
In some cases, the prospective client will make an advance payment in order to secure an attorney's time rather than their services. In such cases, the attorney is "on retainer" for a designated period, during which they will represent the client if need be.