We invite you to talk with us about alternatives to traditional hourly billing rates. We have traditionally charged for most legal work on an hourly basis and continue to do so in most instances. However, alternative billing methods can provide you with greater predictability as to the total fee you will have to pay and help you budget for the year. Some alternative billing methods also provide for a sharing of the risk between you and Lommen Abdo. We are happy to work with you to find a mutually beneficial alternative billing method when possible. There are a number of options we can consider. Some alternative fee arrangements include:
Contingent fees: On litigation matters, contingent fees or fees based on a percentage of any recovery received in the case are not new. On transactional matters, contingent fees may be based on income earned from transactions. In deciding whether to accept an engagement in a litigation matter on a contingency basis, we assess both liability and damages. In deciding to accept an engagement in a transactional matter on the basis of income earned from transactions, we take into consideration many factors, including the potential for future income. In some instances, we may take cases on a contingency based upon the savings obtained for the client in a matter, rather than a recovery received.
Modified hourly rate with a success fee: This fee method includes payment on a reduced hourly rate basis with a success fee added in based upon results. Defining success is very important in this type of engagement.
Fixed fee: Many engagements, particularly in the transactional and estate planning areas, can be priced on a fixed-fee basis. Examples of this include lease work, a simple will, estate planning and incorporation.
While we see signs of improvement in the economy, we understand that the recovery may be a long-term process. We remain committed to both efficiency and excellence. We do not overstaff files. We match people with experience on matters so that you are not paying to re-create the wheel. We will work with you to meet your budgets. If you are interested, please contact any of the attorneys that you work with to discuss alternative billing methods. If you have any questions, please give me a call or send me an email. Our success depends upon your success!
