Transparent and Predictable Pricing
We know that the key to a successful representation is obtaining the desired result at a predictable price. Our belief is confirmed by client satisfaction surveys which show that one of the most common complaints is that the cost of the representation ended up being much more than what was initially estimated. In order to minimize the chances of this occurring, we will work closely with you on the front end to assess the total time and expenses that will be required. Doing this on the front end best enables you to identify the right fee arrangement to achieve the desired results.
Establishing the right fee agreement starts with a conversation about:
- the nature and complexity of the legal work;
- the likelihood of a successful outcome;
- whether there is a specific deadline for completing the work;
- the client’s ultimate goals and objectives;
- the amount of access to our lawyers that the client needs;
- the extent of the workload that can be performed by the client;
- the distribution of the financial risk between the client and the lawyer,
- whether the client needs special payment terms.
There are many different fee arrangements that can be tailored to your specific situation. Typical fee arrangements include: (a) hourly rate billing; (b) modified hourly rate billing; (c) fixed fee billing; and, (d) contingency/success fee.
Hourly Rate Billing
Hourly rate billing is the most common method of paying for legal services. With hourly rate billing, the lawyer tracks the time spent working on the matter. The client is sent a monthly bill detailing the work and time spent. The amount of time is then multiplied by the agreed hourly rate and charged to the client.
Our hourly rates are based on the traditional factors governing the establishment of attorney’s fees. These include things like the complexity, novelty and difficulty of the questions involved, the volume of business, and the overall demands on the firm’s resources and time. Depending on the specific legal matter, our hourly rates range between $225.00 to $325.00 an hour.
Modified Hourly Rate
A modified hourly rate is a more creative arrangement where the lawyer agrees to do the legal work at a discounted hourly rate in return for an additional success or performance payment based on the results obtained and/or the savings achieved. A modified hourly rate agreement may include a floor and/or ceiling on the lawyer fees charged. The benefit of this type of structure is that the client’s costs are initially lower without compromising the quality of the representation. In the right case this type of fee arrangement better aligns the interests of the client and the law firm and can lead to an earlier resolution.
With hourly rate billing, cases often seem to drag on forever resulting in ever increasing legal fees and costs. One solution to this problem is to use a fixed fee agreement. With a fixed fee agreement, the client and the lawyer agree upfront on the total amount that the lawyer will be paid for handling the matter from start to finish. The agreed fixed fee may be paid up front or at various predetermined benchmarks.
The primary impediment to establishing a successful fixed fee arrangement is that it can be difficult to estimate the time required to resolve more complicated legal matters. In many situations, the other side can drag things out even though it increases the costs for everyone. However, fixed fee arrangements frequently work well when the matter is relatively straightforward or involves a more routine commercial transaction.
We provide a number of our smaller business clients with access to legal services through an affordable prepaid flat fee. This type of arrangement provides you with access to an experienced business attorney whenever you need help.
The primary appeal of a contingency fee agreement is that it allows the client to obtain legal representation without having to pay up front. Under a contingency fee agreement, the lawyer agrees to handle the client’s claim in return for a percentage of any recovery. As part of the contingency fee, the law firm may also agree to advance litigation expenses. However, in some cases the litigation expenses may be shared or the client may be required to pay all the litigation costs.
In a typical contingency fee case, the lawyer and client are not paid until there is a settlement or jury verdict in favor of the client. Because the lawyer takes on the financial risk that there is no recovery, a contingency fee agreement often results in the client ultimately getting less money than the client would have received under some other fee arrangement.
Depending on the type of case and the likelihood of obtaining a favorable recovery, our agreed contingency fees can range from 10% to 50% of the total recovery.
Contact us to set up an Initial Consultation
To set up a meeting to discuss the best fee arrangement for your specific legal needs, please call us at 601-957-3101 or contact us online.