- budget
- financial planning
- real estate planning
Is your lawyer asking too much?
Von
julia garber
:max_bytes(150000):strip_icc()/JAG-pic-56aa10f95f9b58b7d000ad42.jpg "Factors in Determining Whether Attorney Fees Are Reasonable (1)")
julia garber
Julie Garber is a tax and estate planning professional with over 25 years of experience as an attorney and administrator. She is Vice President of BMO Harris Wealth Management and CFP. Julie has been quoted in The New York Times, The New York Post, Consumer Reports, Insurance News Net Magazine and many other publications.
Know our editorial guidelines
Updated February 24, 2022
reviewed by
Somer G Anderson
:max_bytes(150000):strip_icc()/IMG_7291_Crop-SomerAnderson-934c393220f84cc4855a3ef0448b710d.jpg "Factors in Determining Whether Attorney Fees Are Reasonable (2)")
reviewed bySomer G Anderson
Somer G. Anderson is a CPA, Doctor of Accounting and Professor of Accounting and Finance who has worked in the accounting and finance industry for over 20 years. His experience spans a broad spectrum of accounting, corporate finance, tax, lending and personal finance.
Learn more about our Financial Audit Committee
fact verified by
Ariana Chavez
:max_bytes(150000):strip_icc()/chavez.ariana.headshotcopy-0c7aa0509fad42a885bf4fe42fe0a83f.jpg "Factors in Determining Whether Attorney Fees Are Reasonable (3)")
fact verified byAriana Chavez
Ariana Chávez has over a decade of research, editing, and writing experience. She worked for some time in academics and digital publishing, mainly with content related to socioeconomic history of the United States and personal finance, among others. She uses this background as a fact checker for The Balance to ensure that the facts cited in the articles are accurate and properly sourced.
Know our editorial guidelines
Local and state business practices can affect what aestate planning attorneyFees for dealing with a specific matter, but your level ofexperienceFactors also play a role. How do you rate this experience and how do you know if you are being asked to overpay?
It can be helpful to understand the general rules and fee determination process.
your initial consultation
The mostreal estate planningLawyers do not charge a fee for the initial consultation, but this is not universal. Don't be surprised if the attorney charges a small fee for the first meeting with you. You can go either way.
An estate planning attorney is in business for a living, and the time they spend with you takes time away from the billable hours they can spend on other client matters. However, this is also your chance to "sell" him to keep his services and get an idea of what your problem is all about. He then determines how many hours he and his employees should spend solving the problem. 🇧🇷 🇧🇷 And if he wants to take your case.
Many lawyers recognize the context of a first date and don't calculate it.
A flat fee for estate planning
A flat dollar amount typically covers the first meeting, if you end up engaging the attorney's services, as well as basic document preparation, document review, and document signing. Some lawyers also offer assistance in getting your financing.live trustThey charge set fees as part of your estate planning if you choose one, while others charge a separate finance fee based on the value of the property they help you own in their trust.
The only reasonable alternative would be for the attorney to charge by the hour. The downside to this approach is that it leaves you with a lot of uncertainty about what the final total cost will be. You can avoid this by asking your lawyer to charge you a flat fee for all services rendered. Just be ready to go ahead andconsult other lawyersif he refuses.
standard hourly rates
A flat fee is made up of the lawyer's standard hourly rate and the number of hours he believes he needs to spend on his case to resolve it. Ask about the hourly rate and find out how much they charge for the services of other attorneys and paralegals in the firm.
This gives you an idea of how many hours the lawyer expects the office to put inplano de som🇧🇷 If he quotes you a flat fee of $5,000 and bills his time at $200 an hour, you expect him and his company to spend approximately 20 to 25 hours on your case.
In general, the higher an attorney's hourly rate, the more experience they have. All those hours might seem like a lot to you, but the attorney should have a good idea of how long it will take to meet with you, answer your questions, write and design your estate plan with you to review and help you sign. your plan and then help fund your trust if you decide to include one.
Meet by phone first
Today it is common to do a lot of business over the phone. Consider arranging phone interviews with at least two estate planning attorneys before meeting in person. This saves you and the lawyer time. 🇧🇷 🇧🇷 if he wants.
Don't expect a lot of crucial information in a first phone interview. It would be like the lawyer giving his advice for free. Your goal for this phone call should be to determine whether or not you want to work with him.
Any attorney should be able to get an idea of what your needs are during this conversation and give you a flat rate for your expenses.basic estate planning🇧🇷 Remember, you're not asking what you should do, you're asking how much it will cost you to do what you set out to do. This gives you the opportunity to compare the fixed fees quoted by each attorney and narrow down your choices of whom to meet in person.
Busy attorneys may not offer this option.
ask for details
Ask a lawyer who will charge you more than others why their fees are so high. Some attorneys sell wholesale estate plans, while others are genuinely interested in providing you with a quality estate plan and making it your own.Tutorfor life.
trust your instinct
Your goal shouldn't necessarily be to find the cheapest lawyer. Think about how comfortable you are with each person because you need to be open and honest when discussing the most intimate details of your personal and financial life with that person. Sometimes you have to follow your instinct. Only you know for sure who to trust in this important part of your life.
Frequently Asked Questions (FAQ)
What is a real estate plan?
Onplano de somit is a legal and financial plan for managing your assets during your life and after your death. A lawyer can help you draw up an inheritance plan that will be used after your death to distribute your wealth and support survivors, including your spouse or children.
Do I need a lawyer to prepare an estate plan?
You maymake a will, which includes your estate plan, without a lawyer. You must have witnessed it and registered it in accordance with the laws of your place of residence. However, a lawyer knows how to ensure that your wealth is distributed as you wish and in accordance with the laws of your country. A lawyer can also help you establish things like child guardianship and medical or financial powers of attorney. If you need to form and fund a trust, you should work with an attorney to ensure this is done correctly.
This page was helpful
Thank you for your comments!
Tell us why!
FAQs
Which of the following is a factor in determining if a lawyer's fee is reasonable? ›
Factors to be considered as guides in determining the reasonableness of a fee include the following: (1) The time and labor required, the novelty and difficulty of the questions involved, and the skill requisite to perform the legal service properly.
What is the lodestar approach to calculating a reasonable fee? ›The “lodestar” method is commonly used by judges and arbitrators to determine attorney fees for a prevailing party. The loadstar is calculated by multiplying the reasonable number of hours by a reasonable hourly rate.
What are reasonable attorneys fees in Texas? ›The typical lawyer in Texas charges between $159 and $433 per hour. Costs vary depending on the type of lawyer, so review our lawyer rates table to find out the average cost to hire an attorney in Texas.
Can an attorney charge interest on unpaid bill in Texas? ›Thus, the question here is whether or not an attorney may charge interest on an unpaid balance of attorney's fees. There is nothing in the code of professional responsibility that prohibits the charging of interest.
How does a client determine the attorney's fees and costs? ›The client is billed based on the actual time spent by the lawyer. At the end of every billing cycle, which in most cases is on a monthly basis, the lawyer sums up the actual time he or she spent for your case, doing research, answering your calls, consultations, meetings, etc.
What factors help determine whether a case should be accepted? ›Lawyers typically consider these factors: (1) The precise nature of the claim. (2) The likely measure of damages or other relief. (3) The plaintiff's objective (e.g., money, respect, “show them”, revenge, political motives as in Paula Jones case against President Clinton etc.).