How To Minimize Legal Fees
I could start with a joke about a lawyer but I know I am going to need one sooner or later and just in case he or she reads this I want them to give me the best possible deal. Whether it is personal or business, legal fees can put a considerable dent in your purse or wallet.
Attorneys are a great source of invaluable information that can end up saving you not only money but time. You can minimize your legal fees by following some of these tips.
Before you start looking for a lawyer look at your personal and business affairs and find out what kind of legal representation you need. Going to the wrong lawyer is a very common problem which will end up costing you time and money. This means you don’t need a corporate lawyer for your small business. Once you find the right lawyer, group all your affairs together and consult your lawyer about all these matters at the same time. Asking yes or no questions can save you a lot of time when you are being charged in increments of six minutes so prepare the questions before you make the phone call.
Shop For Your Lawyer
When you shop for a lawyer, expensive doesn’t mean good and cheap doesn’t mean bad, keep this in mind when you are comparison shopping. The best sources for finding the right lawyer are family members, friends and co-workers.
This will save you money from blindly paying consultation fees all over town before you find a lawyer you can afford and like. After you get the recommendations, narrow it down to three or four candidates and interview each one. Listen to their point of view regarding the law, strategies and characteristics that are important to you.
Unless the fee is limited by law there is no such thing as a standard fee. Many factors come in play when lawyers set their fees. Even if there is a similar rate lawyers charge for performing certain tasks such as divorce, bankruptcy or drunk driving, you can always find rates that are cheaper or more expensive. Don’t let anyone tell you there is a standard fee. Fees also depend on the number of lawyers in your area if there is a shortage expect to pay a premium. You can drive a couple hours to another city and potentially save thousands because they have a surplus.
Being A Good Client
What is a “good client” and how can being one save you money? A good client is some one who respects not only their own time but that of the lawyer. Unless you have an emergency, don’t call your lawyer every day just because you have an attorney. Keep in touch with your lawyer with email and only call if it is necessary. Pay your bills on time and inform your lawyer about any plans you have regarding future contracts, expansions or acquisitions. When ever you recommend anyone to your attorney, let them know. This shows how much you value them and in return they usually give discounts or perform services free of charge.
When Do You Need Legal Work?
If it is your first business you might think you need a lawyer for every transaction but you don’t. Only use an attorney when it is absolutely necessary. If you are not sure, ask colleagues and friends to see if you need one or pay a consultation fee to get some advice.
No matter how you feel about lawyers, they provide an invaluable service so choose your lawyer carefully by looking at the whole picture. The key for how to find a cheap lawyer for your business isn’t always choosing the lawyer with the lowest fees. Saving money in the front end might seem like a good deal but an expensive judgment will definitely make your regret that decision.