Guidance for retainer fee payments in 2021
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Why do we ask our Clients for a retainer fee?
- Healy Consultants Group receives approximately 45 new Client inquiries each day, asking us for information. Consequently, it is critical our staff laser focus their time on serious Clients’. Our staff must perform research to supply accurate and complete information in a timely manner. Healy Consultants sometimes asks potential Clients for a retainer fee of US$5,000 as a show of commitment to our Firm;
- If our Client wishes to set up their business in a complex country like Brazil, it is prudent Healy Consultants performs up to 3 weeks engagement planning including preparing an engagement strategy document (click link) or a detailed project plan (click link). Before my staff devote time to this engagement, we think it fair our Client settle a retainer fee of US$10,000;
- Sometimes our Clients are unsure of the optimum jurisdiction or entity for their business. Frequently, Healy Consultants prepares a tailored table of options (click link) to aid our Clients’ decision making. Our staff must perform research to prepare this quality deliverable in a timely manner. Healy Consultants asks potential Clients for a retainer fee of US$5,000 as a show of commitment to our Firm.
How can our Clients get a retainer fee refund?
- If our Client proceeds to engage Healy Consultants to build their corporate structure, the retainer fee paid will be offset against the total fees of the engagement, as published on our business website (click link). Consequently, the retainer fee paid was not wasted and is offset against future fees;
- In the unlikely event our Client is dissatisfied with our research and the recommendations from our engagement deliverable, and consequently our Client does not wish to further engage Healy Consultants services. Occasionally we refund 50% of the retainer fee to our Client. The remaining 50% will be kept by Healy Consultants to cover time spent to date on your engagement;
- If during the first two days of my staff research, we conclude there are no legal solutions for our Clients’, we agree with our Client to cease the engagement and fully refund the retainer fee. For example, a Client engages Healy Consultants to set up their restaurant business in Saudi Arabia. To determine the optimum strategy, Healy Consultants collects a retainer fee of US$ 10,000 from our Client and embarks upon 3 weeks of research (click link). If within two days it is apparent the Foreign Investment Authority (SAGIA) do not grant food and beverage licenses to foreign multinationals, then Healy Consultants will communicate the same to our Client and fully refund the retainer fee, as little time was spent by our staff.
What guarantees and protection do our Clients have?
- Before settlement of any retainer fee with Healy Consultants, we recommend your Firm secure professional references from past Clients’ (click link);
- Before settlement of any retainer fee with Healy Consultants, our potential Client will sign an engagement letter with us, detailing terms and conditions governed by Singapore law and international arbitration law;
- We encourage our Clients’ to visit our Singapore head office (click link) to meet Aidan Healy (click link) face to face. Alternatively, you can convene a skype video conference with him or a phone discussion. Immediately, you will conclude Healy Consultants is a serious, professional consulting firm, who’s primary goal is to timely deliver quality solutions to our Clients’. This is our only agenda (click link);
- All engagement fees are agreed and paid up front and match the fees published on our country web pages. Consequently, there are no hidden fees, surprises nor ambushes throughout the engagement. All engagement deadlines are agreed up front in the form of a detailed project plan (click link), mapping out deliverables by week throughout the engagement term;
- Every week during the engagement, Healy Consultants will email our Client a detailed engagement status update (click link). Our Client is immediately informed of engagement problems and solutions. Your dedicated engagement project manager is reachable by phone, Skype, live chat and email and will communicate in your preferred language;
- At any time during the engagement, our Client can cease the engagement and secure a refund of fees, less a fair and reasonable amount to cover time spent by Healy Consultants staff to date.
Healy Consultants is excited to serve serious Clients’. Asking for a retainer fee is a fair and reasonable way to begin a business relationship. Healy Consultants needs to know potential Clients’ are serious before our staff devote time to a Client engagement.
I hope your Firm finds this approach reasonable and we look forward to working with you over the coming weeks. Feel free to speak to Aidan Healy directly (click link) if you have any concerns about our retainer fee approach. We are always interested in ways to make our business approach more professional and transparent.