TRADITIONAL HOURLY BILLING
Hourly rates are the traditional billing model in the legal industry. Although alternative billing models can offer great advantages client and lawyer, for various reasons, sometimes hourly rates are preferable. But, there are still creative means to approach hourly billing. I offer three hourly-rate models.
Available to new and existing clients. This model offers clients with available cash or corporate credit cards the benefit of receiving professional services at a steeply discounted rate. Standard hourly rates are steeply discounted—more than 20% from normal rates. Fees are earned against pre-paid retainers. If a retainer is depleted, services continue after being refreshed.
Available to clients with existing relationships with us. This model benefits clients experiencing a short-term cash crunch when legal services are needed urgently. Services are invoiced at our standard hourly rates after being performed. An initial or nominal pre-paid monthly retainer may also occasionally be appropriate, depending on the engagement.
This model gives the client the benefit of greater certainty in budgeting for legal costs. In exchange for an agreed upon monthly fee (Y), the Firm will provide up to an agreed upon number of hours in services (X). If all X hours are used, the effective hourly rate is often discounted by as much as a third. Any hours in excess of X in a given month are billed at standard rates.
To see the description for capped hourly rates, and for a hybrid model blending a fixed fee and hourly billing, click here.
For business owners, sole proprietors, and budding entrepreneurs not quite ready to formally retain a business attorney, I am working on an online document e-Store. It will include a library of simple, common business documents. Some will be downloadable for free, and others available for purchase. They will be fillable contract templates. Click here to visit the future home of the WLF Document e-Store for more details.