Nothing is firm when it comes to fees.From hourly rates to photocopies, the fees a lawyer charges your business are negotiable NEGOTIABLE. That which is capable of being transferred by assignment; a thing, the title to which may be transferred by a sale and indorsement or delivery. 2. Failure to investigate the law firm your company uses and its billing practices may be asking for unpleasant surprises. Just ask the client who was billed $33.80 for coffee, juice and a danish. Oftentimes, legal fees are arbitrarily based on whatever your company is willing to pay. But keep in mind that when it comes to fees, everything is negotiable--from hourly rates to the price of photocopies. Afraid of offending their attorney or appearing stingy stin·gy adj. stin·gi·er, stin·gi·est 1. Giving or spending reluctantly. 2. Scanty or meager: a stingy meal; stingy with details about the past. , some business owners are shy about negotiating. If your lawyer objects to discussing legal fees up front, get another attorney, says Gregory Gorman, a partner with Allen, Matkins, Leck, Gamble & Mallory in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . There are various billing methods. Choosing the right one can save you headaches and money: * Flat rate. Flat fees and projected budgets were once used only by small firms. Today, most firms are willing to discuss them. Flat fee arrangements are more practical for boilerplate A phrase or body of text used verbatim in different documents such as a signature at the end of a letter. Boilerplate is widely used in the legal profession as many paragraphs are used over and over in agreements with little modification or no modification. matters such as standard contracts and lease arrangements. Any budget or flat fee will probably include variables for glitches, e.g., if the matter requires more negotiations than anticipated. On the downside On the Downside is an EP by the San Diego, California band Counterfit, released by Alphabet Records in 2000. It was the band's first EP, recorded shortly after the members had relocated to San Diego from Fairfield County, Connecticut. , flat rates could tempt tempt v. tempt·ed, tempt·ing, tempts v.tr. 1. To try to get (someone) to do wrong, especially by a promise of reward. 2. the lawyer to do only the minimum or use a green attorney or paralegal paralegal n. a non-lawyer who performs routine tasks requiring some knowledge of the law and procedures, employed by a law office or who works free-lance as an independent for various lawyers. . Discuss staffing up front. * Blended rate. Here, time is billed at an hourly rate, around the midpoint mid·point n. 1. Mathematics The point of a line segment or curvilinear arc that divides it into two parts of the same length. 2. A position midway between two extremes. between the firm's highest and lowest rates. For example, if those fees are $250 and $125 respectively, your firm would be charged about $185. A blended rate is cost effective if you have various business transactions requiring input from attorneys with varying levels of expertise. * Discounts. If your company has or expects to have considerable legal work, try to negotiate a standard discount. For example, ask for a 10%-15% reduction if the bill is paid by a certain time. But be sure to discuss discounts up front. Attorneys get upset when a client who agrees to a fee structure asks for a discount after he or she sees the bill. Gorman advises requesting regular status reports, reviewing your bills thoroughly and promptly discussing any questions with your attorney. He also warns that while saving money is important, it shouldn't come at the expense of quality legal advice. "A less experienced attorney or one with fewer resources can end up costing more if they're incompetent or unfamiliar with the work you need." |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion