Page 62 - Webinar workbook

Rapport. Is this someone you can get along with? You'll be discussing matters close to your

heart, so make sure you feel comfortable doing so. Good chemistry will ensure a better
relationship and more positive results for your business.

Reasonable fees. Attorneys charge anywhere from $90 to $300 or more per hour, depending
on the location, size and prestige of the firm as well as the lawyer's reputation.

Note: get quotes from several firms before making your decision, but don’t be sucked in just because the
price may sound better, cheap is NOT always the better option

Flat fee. Routine matters, such as reviewing a contract or closing a loan.

Monthly retainer. Allows ongoing legal advice and services.

Contingent fee. Ideal for complex matters, lawyers often work on a contingency basis. This
means that if they succeed, they receive a percentage of the proceeds--usually between 25 and
40 percent. If they fail, they receive only out-of-pocket expenses.

Value billing. Some law firms bill at a higher rate on business matters if the attorneys obtain a
favorable result, such as negotiating a contract that saves the client thousands of dollars. Try to
avoid lawyers who use this method, which is also sometimes called "partial contingency."

If you think one method will work better for you than another, don't hesitate to bring it up with

the attorney; many will offer flexible arrangements to meet your needs.

Note:

When you hire an attorney, draw up an agreement (called an "engagement letter") detailing the

billing method. If more than one attorney works on your file, make sure you specify the hourly
rate for each individual so you aren't charged $200 an hour for legal work done by an associate
who only charges $75 an hour.

This agreement should also specify what expenses you're expected to reimburse. Some

attorneys expect to be reimbursed for meals, secretarial overtime, postage and photocopies,
which many people consider the costs of doing business. If an unexpected charge comes up, will
your attorney call you for authorization? Agree to reimburse only reasonable and necessary out-
of-pocket expenses. No matter what methods your attorney uses, here are steps you can take to

control legal costs:

62
Email: truckitright2@gmail.com Website: www.truckitright.com Phone: (323) 301 6531