RETAINERSHIPAGREEMENT IN LEGAL PRACTICE: LIMITATIONS AND OPPORTUNITIES

Abstract

Retainership Agreement is a contractual arrangement where a client pays a lawyer or law firm an upfront fee in exchange for guaranteed access to their legal services for a specified term. The limitation of payment for unused hour has deterred potential clients from accessing efficient legal services like Retainership agreement inspite of the benefits it promises. This paper evaluated Retainership Agreement in Legal Practice: Limitations and Opportunities and finds that the challenge of payment for 'unused hour' that confronted clients in accessing a mutually beneficial contract arrangement has already been surmounted in other jurisdictions through the use of 'Trust account' and repayment of unearned funds. A doctrinal approach of research is adopted by examining statutes, case laws, existing literature on the topic. This paper therefore recommends adoption of advance payment method in Nigeria and the use of Trust account to house client's funds until they are earned. An Intentional supervisory method by National Judicial Council on the activities of legal professionals as it relates to the use of Clients' Trust account in a Retainership Agreement is also recommended among other others.