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Alternative Billing - Business Attorney in Miami
1.
2. Alternative Billing is a recent
development in the legal
business model designed to
address the astronomical,
and often perplexing legal
fees clients face after
receiving an invoice from
their attorney.
3. Alternative billing is the
concept that how a client is
billed is something that can
be negotiated at the outset
of the representation.
4.
5. Attorneys can seek to give an overall
percentage discount of the total amount of hours
billed.
An attorney may always offer a direct
discount off of their hourly rate.
One final possibility is to implement a
“blended hourly rate” where the client
agrees to pay one fixed hourly fee,
regardless of which attorney within the firm
actually conducts the client’s work.
7. A fixed fees is often the
most attractive arrangement
to clients because they offer
a sense of finality and order
to the extent of their
financial obligation to their
lawyer.
A fixed fees is often the
most attractive arrangement
to clients because they offer
a sense of finality and order
to the extent of their
financial obligation to their
lawyer.
8. A fixed fees is often the
most attractive arrangement
to clients because they offer
a sense of finality and order
to the extent of their
financial obligation to their
lawyer.
A hybrid model of alternative
billing called a “capped fee”
consists of hourly billing and
potentially a fixed fee that arises
where the client will pay an hourly
fee for the case until the hours
collectively reach some agreed
upon amount, which will then serve
as the fixed fee for the entire case,
regardless of the amount of hours
actually worked.
10. Although contingency fees usually represent
a flat percentage fee of the attorney’s
ultimate recovery or settlement on the
client’s behalf, there is still room for
alternative billing in the contingency arena.
To adjust for the 30-50% fee firms
operating on contingency often charge,
clients can negotiate for a percentage up
to “X” amount, and then anything above
“X” amount will be subject to some lower
percentage going towards attorney’s fees.