A Flat Fee Is Really a Guarantee

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In a previous issue of LawBiz® Tips, we talked about approaches lawyers can use to guarantee quality in the services they provide, and noted contingency fee billing as an example. In fact, virtually any form of billing other than an hourly rate offers clients a degree of certainty suggested by a guarantee. Rather than setting price by a standard unit of time, billing alternatives focus on actions taken to benefit the client, beyond the time of how that value is applied. Take, for example, charging a flat fee at a volume discount. The billing rate is determined and stipulated in the engagement letter, before the assignment even begins and will not vary by time or result.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ed Poll, LawBiz | Attorney Advertising

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