We work on a retainer fee basis by project. Our professional fee (which is not contingent upon the hiring of one of our candidates) is a minimum fee of $50,000 or one-third of the total first year's estimated compensation, and is billed in three (3) installments during the first three (3) months of each search. When this assignment is completed and estimated annual compensation (including any signing or enticement bonus) is finalized, we reconcile our retainer fee and send our final invoice. Expenses, which are invoiced monthly, include travel and related costs and charges for allocable items such as communication expenses and research materials.
Should a project, as a whole, be terminated before the three (3) installments have been invoiced, we would charge the pro-rata portion of the fee retainer, plus expenses, up to the time of termination. Should the termination occur after the full retainer has been invoiced, it would be considered as earned. In no event, however, is our fee less than the amount of the first installment.