subject: Saving Money On Your Lawyer [print this page] Although most small business owners have the flexibility when it comes to control over how their business should proceed, they can be limited by how much money they currently have. This usually leads most of them into skipping on a few essential things such as consulting a lawyer.
There is no denying that getting the services of a lawyer can be quite painful for your pocket; however, knowing what type of fees they usually charge can give you an idea on how you can save money when dealing with them.
Lawyers usually charge an hourly or per diem rate especially if they would be handling a litigation case or if they would need to make a lot of travelling. Some attorneys, on the other hand, charge a flat rate. This is usually the case if what they have to do is routine in nature. You can ask for a flat rate if you are intending to get the lawyer only as a consultant for the various contracts, communications and forms that you would need for your business.
Some Colorado law offices often charge a retainers fee if you would be needing their services for a long period of time. A fixed rate is usually paid each month in exchange for the provision of routine legal pieces of advice. There are also those who charge what is known as contingent fee. Commonly used when dealing with litigation cases, in this type of payment, you need not pay any upfront fee. Should the lawyer be able to win a case on your behalf, that is the only time that you need to pay them. Usually, payment is about twenty five to forty percent of the total proceeds. In case they lose, you only have to pay them for any out-of-pocket expenses.
Another way some Denver Colorado law firms charge their client is by value billing or what is commonly known as partial contingency. This is a modified form of the contingency payment method and is most commonly charged by lawyers who were able to successfully close a contract on your behalf. Since this usually involves thousands of dollars, it is a good idea to steer clear of lawyers offering this.
There are a number of Colorado law offices who are quite flexible when it comes to their payment method. If you find one who is willing to give in to your request, make sure that you prepare an engagement letter indicating how much the payment is and how it should be made.
