From what I understand, the photographer have the copyrights to it.
If it is a commerical job and it is stated clearly what it is use for in your invoice ie:Covershoot for Dec issue of ABC mag. The client can only use it for that purpose. Even if they use it for a spread inside the same issue, it is consider a diff. usage.
For me, if it is a paid job, I usually give my clients full copy rights and retain the rights only for my own portfolio purpose.
For Model's portfolio shoot, I'll share thr rights 50/50 with the model.