Legal Help: How Are You Charged?
Are you worried that having a lawyer on board can mean added to the cost to your business? It could mean value, but their legal services should involve a lot of valuable help instead. The cost of their services will always be there, but if it means being able to protect your business, there is no reason not to hire a lawyer. Getting them on board could mean putting all your business plans legally, in place.
While there is no denying that hiring an Edmonton business lawyer can be quite expensive, there are more ways to keep a lid on the legal costs. Perhaps learning how lawyer bills their time will give you an idea of how else you can save on legal expenses.
- Hourly Rate – Most lawyers will charge you by the hour. Although the first meeting usually comes for free, succeeding meetings after that will just have to cost you. If there is travel involved, the lawyer usually charges you with their travel expenses as well as their accommodations and the rate might be per day.
- Flat Rate – Some lawyers suggest that you pay them with a flat rate. This shall include routine checking of documents for your business or reviewing contracts or helping you apply and close a loan. With the flat rate, you can save yourself a couple of dollars. Just make sure that the flat rate includes as many legal documents as possible.
- Monthly Retainer Rate – If you are anticipating for a lot of routine legal services, then one option should be to go for the monthly retainer rate. It will entitle you to all the legal services that you need for a lot less.
- Contingent Rate – For other complicated lawsuits, a lawyer may go for the contingency rate. This means that if they win the case, they will get part of the proceeds. Usually, this involves about 25 to 40% of the total amount. Otherwise, if the fail, they only receive out of the pocket payments that you afford.
If you think one method of billing will work best for you compared to another one, do not hesitate to bring it up to the lawyer. Many of them will offer flexible payment schemes to meet your needs. Make sure all the agreement on the terms of payment are written and signed by you and your lawyer.