In today’s day and age clients must realize that law firms are a business, where the goal is to earn an income. The question is what kind of lawyer are you hiring?
At Biederstadt Law, you can expect that we will take the time to educate you on the legal process, to listen to your goals, and to craft a legal strategy that suits you.
To further explain, when you are hiring a lawyer who will be charging you based upon an hourly rate, a family law attorney for example, most litigants place their decision to retain counsel on the amount of their retainer fee and they will select a lawyer who is charging a lower retainer fee because they believe they are getting a better deal.
Please understand that when you are hiring a lawyer on an hourly billing rate, you are most likely signing a “security retainer agreement.” Within Illinois, the laws concerning retainer agreements are governed by IL Supreme Court Rule 1.15. The plain meaning of this type of agreement is that you are starting a savings account with the lawyer’s office and that lawyer is merely holding your money, until such time as they earn those funds. Further, if the fees are not earned the lawyer would be obligated to return your money to you. As such, the important question to ask is what is your hourly billing rate, so that you are aware of how quickly that retainer agreement will be depleted and to ignore the amount quoted as a retainer.
When you are billed by the hour, lawyers charge you for their time and they are required to ethically bill you for the work that they do. Yet, the retainer agreement is what defines the manner in which you are billed and by signing the agreement, you are entering into a contract and deeming their minimum billing increment to be acceptable.
For instance and to further explain, several law firms bill at a minimum billing increment of .25 for any action that they take. Meaning that if you have a three (3) minute phone call with that lawyer (.05 of an hour), they are billing you for fifteen minutes (.25 of an hour). If you should send that lawyer a two (2) line and very brief e-mail (.25 of an hour) and they respond in kind (.25 of an hour), you are then being billed thirty (30) minutes (.5 of an hour) for something that took the lawyer all of four (4) minutes to complete.
We have long stood by the rule that if we treat people honestly, charge a fair rate and provide them with the level of service they deserve, that in the end we will reap the rewards ten (10) fold because our clients speak our praises for years to come and refer business back to our office.
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