TRANSPARENT AND PREDICTABLE PRICING
The key to a successful representation is obtaining the desired result at a predictable price. This is confirmed by client satisfaction surveys showing that the most common lawyer complaint is that the costs end up being much more than what was initially estimated. To minimize the chances of this occurring, we will work closely with you to realistically assess the total time and expenses required.
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 are deadlines for completing the work;
- the client’s goals and objectives;
- the amount of access to the lawyers the client needs;
- the extent of the work that the client can perform;
- the distribution of the financial risk between the lawyer and client; and
- whether special payment terms are needed.
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. Our rates range between $325.00 to $450.00 an hour, depending on the specific legal matter.
MODIFIED HOURLY RATE
A modified hourly rate is a more creative arrangement. 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 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 upfront or at various predetermined benchmarks.
Successfully establishing a fixed fee arrangement can be difficult in more complicated legal matters. In many situations, the opposing side will take actions that increase the costs for everyone. However, fixed fee arrangements frequently work well when the matter is relatively straightforward or involves a more routine commercial transaction.
The primary appeal of a contingency fee agreement is that it allows the client to obtain legal representation without having to pay upfront. 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 of 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.