A retainer is money paid in advance to secure access to your services, either as a deposit against future work or as a monthly fee for ongoing availability. For professionals like lawyers, consultants, and designers, retainers provide predictable income while guaranteeing clients access to services when needed.
Retainers work two ways: some are 'spent down' as you complete work (like a prepaid account), while others are monthly fees for ongoing services or availability. The arrangement should be clear upfront — whether the retainer covers specific deliverables, ongoing availability, or a certain number of hours per month.
Example
A marketing consultant charges a $5,000 monthly retainer for ongoing strategy support, including monthly strategy sessions, campaign reviews, and email/phone access for questions.
Why It Matters for Freelancers
Retainers improve cash flow, create predictable income, and strengthen client relationships by creating ongoing engagement rather than project-by-project work.
Related Terms
Invoice
A document sent by a business to a client that lists goods or services provided and the amount due for payment.
Accounts Receivable
Money owed to your business by clients for work completed but not yet paid.
Scope Creep
When a project expands beyond the original agreement without adjusting timeline or budget accordingly.
Retainer FAQs
How much should I charge for a retainer?
There is no standard number to copy — a retainer is a price for a specific promise, so cost the promise. Decide how many hours a month the arrangement takes off your calendar, including the time you are holding open and cannot sell to anyone else, price those hours at your normal rate, and add for the responsiveness the client is buying. A retainer set from a figure you have not costed is the usual way retainers end up losing money.
Are retainers refundable?
Depends on your agreement. Some retainers are non-refundable fees for availability; others are deposits against work that can be refunded if unused.
How do I invoice retainer clients?
Bill retainers monthly in advance. If it's work-based, track hours and invoice against the retainer balance, replenishing when low.
Master Business Terms with Professional Invoicing
Put your knowledge to work with professional invoices that use proper business terminology and payment terms.