Depending on the nature of one’s legal problem, hiring a lawyer may be necessary. Just like a doctor, accountant or anyone who provides professional services, a lawyer must always be selected with great care. Part of the selection process should include a candid discussion about fees. The nature of your legal issue, the amount of time needed for research, filing papers and appearing in court, along with, the reputation and experience of the lawyer will help to determine what the billing procedure will be and the lawyer’s rate of charge. Types of fees can include: by the hour, a percentage fee, a flat fee, a contingency fee, or a retainer fee. Understanding lawyer retainer fees can help you control your finances better and help you make better financial decisions when working with your lawyer. Here is what you need to know about paying a retainer fee.
Most lawyers prefer to charge by the hour . So, if you speak with the lawyer on the phone, you could be billed for the entire conversation, even if the nature of the call had nothing to do with your legal matter. It’s important to know if your legal fees will cost more than you can afford and what you can do to help bring down the cost. (more…)