Attorney retainer - monthly depletion
I'm seeking advice from other investors and attorneys. I am an investor in Texas, and I've been presented with an evergreen contract from an attorney I was planning to work with for ongoing projects and advice. It requires a modest retainer (which is fine) but the terms state that there will be a monthly depletion of $100 if we don't use his services, to cover the loss of potential business. We would still pay by the minute for any services provided. He cited this link to justify it: https://www.legalethicstexas.c...
I've worked with other attorneys in the past and have never seen a contract like this. I tried to negotiate the terms, but he said this section is non-negotiable. Is this common practice, or should I walk away?
Most Popular Reply
What deals are you doing that requires you to have an attorney on retainer? Honestly, I have been an investor, broker and flipper for more than 30 years in Texas and have never once used or needed a lawyer outside of a title company