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Larry M

retainer story -

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Many years ago, a newly referred prospective client wanted a fairly complex study done involving present values of future renewal commissions. When he asked me to estimate the cost, I told him I could not do so because there were too many variables.

He decided to use us anyway, signed the retainer agreement and paid the $500 retainer.

The study was complete, and the client was satisfied (as my mother, of blessed memory, would say - "of course!") with the end result.

I presented a bill for the work done - $1,700 less the $500 retainer, for a net of $1,200.

[by noting the total fee, you can tell it really was many years ago!!]

The client balked and insisted I was entitled to only an additonal $500.

When I asked him how he could justify that, his argument was:

"I will pay you only another $500. Larry, you remember I asked you how much it would cost? you answered 'I don't know, but I will take $500 as half.'"

The story was worth the difference in fee, and I accepted the offer.

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