From Retainers to Billing Increments: Everything You Need to Know About How Attorneys Charge for Their Services
If these types of fees are not considered and budgeted for, it can lead to an unexpected bill for the client down the road.
Another consideration when determining whether or not to charge a
contingency fee is the amount of money that could be recovered for a client. In
some instances, there may be legal limits on how much a client can recover for
his or her injuries, and these limitations must be taken into account when
setting a contingency fee rate.
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If a law firm decides to charge a contingency fee, it is important that
the terms of this agreement are clearly outlined in a written document for the
benefit of both the attorney and the client. It is also a good idea for the law
firm to use software that tracks time spent on each matter in order to provide
the attorney with historical data that can be used to estimate future workloads
and ultimately set more reasonable rates.
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Sliding Scale
Lawyers have a wide range of fee structures to choose from, depending on
what works best for them and their clients. Some attorneys find success with
flat fees, while others prefer the flexibility of hourly rates or contingency
fees.
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Sliding scales are a type of pricing structure that offers discounts for
clients with lower incomes. This model allows lawyers to serve more clients
without breaking the bank. For example, a firm may offer a discounted rate for
clients below the federal poverty guidelines. This means that a client could
pay half as much for certain services, such as a legal consultation or the
preparation of a simple will.
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One of the key benefits of a sliding scale is that it gives attorneys an
incentive to work faster to maximize profitability. Attorneys that are paid by
the hour may be discouraged from working efficiently, as they risk losing
profit if they spend too much time on a case. With a flat rate, they can save
time by streamlining processes and handling projects more efficiently.
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Attorneys also need to be sure that they set their flat fees at a level
that covers all of their expenses, including overhead costs, technology, and
staff time. They also need to leave room for unforeseen circumstances, such as
the need for additional research or unexpected client requests. This is why
it’s important to carefully consider the pricing of each service, taking into
account both your own costs and the prices of competitors in your area.
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Another popular pricing model is value-based pricing, which bases prices
on the perceived worth of a service. This approach requires a deeper discussion
with clients to understand what problems they’re facing and how much they’re
willing to pay to solve them. Lawyers can then use this information to create a
price that reflects the value of their work.
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Whether you’re an hourly billing attorney, a flat fee provider, or a
hybrid of both models, it’s essential to have the right tools and systems in
place to track your time and resources. Using a solution that supports flexible
invoicing, such as Clio, makes it easy to create invoices with clear scopes of
work and consistent pricing for your clients.
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At its core, legal billing isn’t just about sending invoices and getting
paid. It’s about adhering to ethical standards and fostering trust and
reliability in client relationships.
Whether you bill hourly, on a contingency basis, or with flat fees,
transparency and fairness are essential. Here are some best practices to
consider as you craft your firm’s billing policies.
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