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An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client(s). This letter states the terms and conditions of the engagement, principally addressing the scope of the engagement and the terms of compensation for the firm.
For example, in the UK a client may enter into a fee agreement pursuant to which the client is liable for an hourly fee, plus a contingent success fee of no more than 100% of the hourly fee. Most lawyers who utilize this type of fee agreement charge a success fee in the range of 25-50%.
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .
"But it was not a financially lucrative engagement in the slightest." After five years of litigation, Robillard ended up with about $44,000, less than half his annual salary at Opal before he was ...
It is common for a person seeking the services of a lawyer (attorney) to pay a retainer ("retainer fee") to the lawyer, to see a case through to its conclusion. [2] A retainer can be a single advance payment or a recurring (e.g. monthly) payment. Absent an agreement to the contrary, a retainer fee is refundable if the work is not performed. [3]
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