This video is awesome! I find it extremely informative! Can you discuss fee structure more indepth? Such as when to use hourly vs flat fee vs retainer vs multiple simultaneously?
Thank you for your feedback! I strive to use flat fee as much as possible, but sometimes find that in litigation cases it still makes sense to use and hourly fee structure. Personally, I do not do a mix of hourly/flat fee billing on a single matter for a single client, but I do have several hourly-billed clients in addition to my predominately flat fee cases. Whether it is hourly or flat fee, the first thing to consider is whether you (as the business owner/lawyer) can afford to do the work at a particular price point. The second is whether it makes sense to the client and to make sure they see the value they are getting for that particular cost. You can break flat fee cases into “stages” such as negotiation, discovery, pre-litigation, litigation, etc., and have certain prices for each stage rather than demanding an entire case fee up front. This often works for both the client and the lawyer.
Thank you! Six years in and your excellent video is right on the money from where I'm sitting.
Thank you for watching.
I started a law firm in March of 2021 in South Africa. Enjoyed your video. Realy related..
Thanks for watching and I'm glad you enjoyed the video.
Thank you for sharing these 10 things! Good takeaway for the flat fees, really will consider that.
Glad it was helpful!
This video is awesome! I find it extremely informative! Can you discuss fee structure more indepth? Such as when to use hourly vs flat fee vs retainer vs multiple simultaneously?
Thank you for your feedback! I strive to use flat fee as much as possible, but sometimes find that in litigation cases it still makes sense to use and hourly fee structure. Personally, I do not do a mix of hourly/flat fee billing on a single matter for a single client, but I do have several hourly-billed clients in addition to my predominately flat fee cases. Whether it is hourly or flat fee, the first thing to consider is whether you (as the business owner/lawyer) can afford to do the work at a particular price point. The second is whether it makes sense to the client and to make sure they see the value they are getting for that particular cost. You can break flat fee cases into “stages” such as negotiation, discovery, pre-litigation, litigation, etc., and have certain prices for each stage rather than demanding an entire case fee up front. This often works for both the client and the lawyer.