Understanding Legal Fees
Lets face it, attorneys fees are a serious concern for everyone. Most people are somewhat intimidated by attorneys and therefore afraid to question their fee structures and billing practices.
Below are descriptions of the most common billing methods used today.
Hourly: This means you pay for the actual time the attorney spends on your case. attorneys usually require a deposit (called a retainer). When that retainer is depleted they may ask for more money to keep as a deposit.
Fixed: This billing method is used in many transactional activities. You pay a fixed fee for a set service.
Contingency: This is where the attorney takes a portion of what you win, either by judgment or settlement, as his fee. Should you not recover usually you are not obligated to pay attorneys fees. Note "costs" are sometimes separate from legal fees and are often still charged the client whether there is a recovery or not.
Costs: While not really legal fees in the strictest sense, these are often charged to an attorneys client so we will explain it. Costs are expenses the attorney pays out of his pocket to pursue your case. Filing fees, copying, postage, courier fees, telephone and fax charges are examples of costs. While the list of possible legal expenses does not look to expensive, they can add up very quickly.
Note, there are numerous combinations of the above possible and being creative can definitely be helpful in getting the most bang for your buck.
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