Are you searching for a lawyer for your small business? When hiring an attorney, one important factor you need to consider is their fees. The reason is it avoids instances of you having misunderstandings with them and possibly you receiving a “bill shock” of some sort by the time your legal issue is done.
What you want is a lawyer with the right amount experience in legal matters related to your specific type of business. However, you also want one whose fees are not going to cripple your business, one who communicates effectively and timely, and one who treats you with the respect you deserve.
Keep in mind that no lawyer with an adequate level of expertise in the legal field is cheap. The best way to find an attorney with more “business friendly” fees is by knowing what to do when hiring them. This article gives you 5 ways or things to consider when you are negotiating better attorney fees.
Cheap Is Not Always Good
If you are looking for a lawyer to draft a contract document for example, you need one that understands your type of business, the industry and environment you operate in and how things work there, the type of relationship you have with your suppliers, customers and employees and more. Because if that contract gets breached, chances are that you might possibly go back to the same lawyer to help instigate any legal action you might want to take against another party, and if the initial contract is not water tight, then your case might already be in trouble.
When it comes to lawyers who offer the cheapest fees, then can often tend to be most inexperienced, and consequently not offering you the best possible representation and advice. This is especially true for specific or complicated business problems. For instance, a lawyer who charges you fewer dollars per hour can end up costing you more in the long run. Those who charge more tend to have experience and offer better legal services.
Another way to negotiate for better lawyer fees is to avoid those attorneys that ask for guarantees. For example, your house, mortgage or deed of trust. You should also avoid those who ask you to pledge other assets as fees. That’s in the case you lose your case.
It shows that these lawyers are more interested in getting paid rather than helping you to win cases. Keep in mind that some lawyers earn their living by foreclosing houses and collecting hefty legal fees. The best way is to have the agreement verified by another attorney.
Some lawyers offer to handle your case on a contingency fee. That’s where they only get paid if you win the case. You may think it’s a good deal but it may not. In some cases, you have a real chance of winning.
An example is when you or your property gets injured or damaged by an insured person. If you agree on a contingency fee with your attorney, they may propose to get 35%-40% of the total pay-out. Some lawyers know with a high sense of certainty that they can win the case by making a few calls. Contingency fees are only ideal in hard to win cases, not easy to win.
In most cases, you know that an expensive lawyer has the posh office address, great view and a costly and thick carpet. You may think that this is an indication of an excellent law practice. The downside side is that you could end up paying for this image and not necessarily good attorney services.
You may be running a small business, so before you hire an attorney, consider how complex your problem is. The reason is you may not need a big corporate lawyer to draft you a simple business contract.
Look out for those who tell you they charge standard fees. The reason is attorney fees are negotiable except where the law limits them. When negotiating for better fees, keep in mind that you should base them on their reputation, what other lawyers in New York charge and the type of business problem you have.
When comparing lawyer fees, check the law firm’s online client reviews. You can also ask for their experiences with at least ten previous customers and get in touch with these clients to hear their experiences. That lets you know whether it’s worth paying their fees.
Hiring a business litigation attorney for example, and the fee’s you are liable to pay, should be much easier and cheaper using the above tips. One point to remember is that it’s better to hire an attorney as early as possible. The reason is that waiting until disputes reach courts may leave you liable to pay huge fees.
Make sure you hire those that can advise you correctly whether your business needs to get organised in a corporate way or in a limited liability company way. They should also have the expertise to prepare the paperwork with reasonable fees.