Hiring a Lawyer can be expensive. If you are a Corporation with much cash flow, this is a no brainer, however, if you are just a startup or a small enterprise, hiring an in house counsel is definitely not on the list.
Big or small, each and every business or you as an entrepreneur is not exempt from legal issues and complexities as you operate your business and tries to grow.
Prevention is always better than cure. It is a wise move to have somebody who is an expert on a field which is unfamiliar to you, to give you a headstart which can save you from possible mistakes and time so you can focus more on what you do best.
The benefit will definitely be much more than the initial cost.
A legal retainer is the balancing equation.
Basically, a legal retainer is a contract or agreement between a lawyer and you an individual or as a juridical person, for the retainer to perform the agreed services in return for a retainer's fee.
Common retainer services includes legal advise, contracts and documents preparation and review, authentication and acknowledgment of documents, among others, which is subject to negotiation among the parties. Other services such as representation in Courts and other government agencies often has additional cost or can be negotiated through another contract.
Unlike hiring an in-house counsel, a legal retainer's cost is significantly lower. This is completely dependent upon negotiation, the nature of business and amount of work, client's capacity to pay, and the lawyer's expertise.
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