Clients come to us when they need assistance with resolving matters that are both serious and important. While the quality of our work is the driver and the reason why clients seek to work with our firm, we know that the financial aspects are not to be overlooked.
How much will resolving my matter cost?
Potential clients always seek an answer to the question what the ultimate cost of resolving a matter and their final bill will be. When a matter is straightforward and less dependent on external forces and circumstances, we are able to provide insight into the ultimate cost.
At other times, however, there may be too many factors at play. That is when a lot may need to be determined over the course of the work and the circumstances do not lend themselves to the same level of predictability, and it becomes nearly impossible for the attorney to provide a quote on the overall cost. For example, when there are opposing parties or tax authorities involved or a project has multiple phases, the client's and the lawyer's ability to manage the external circumstances may be limited.
Information and communication
Legal matters are highly dependent on the effective flow of information and efficient communication with clients and third parties. Clients usually have a high degree of control over how and when they provide information that is much needed to their case and also how they choose to be involved and communicate about their cases.
Efficiency and processes
We partner with clients to determine pricing, timing, outcomes, and process expectations.
Thanks to our use of technology and streamlined processes, we are able to deliver legal services efficiently. Clients come to experience a systematic approach to legal solutions and efficiency in launching and resolving matters.
Budgets and forecasting
We provide fee transparency by delivering clarity and agreeing with clients on what the scope of a matter would include and exclude. This involves predictable pricing, timing, outcomes, and process expectations.
We use budgeting and forecasting to involve our clients as active participants and reflect the value of our advice, as opposed to time dedicated to work on the case.
As we manage matters, we are able to track changes to the scope in real time and communicate with clients where differences from a budget may arise.
Our retainer deposits typically start at $1,500 may range to $5,000, depending on the nature and complexity of the matter. This is not necessarily the total cost of handling the case, this deposit is what gets the firm retained and work on the case started.
Most of the time, our retainers are not designed as advance payment or pre-payments. Rather, they operate similarly to security deposits.
Once the case is over, we give you back your retainer less any outstanding balance. These retainers serve as a promise that a client will honor the commitment to pay their bill, just like any other security deposit.
In select circumstances, we are able to offer alternative fee arrangements where we render legal services on basis other than hourly rates. In these cases, we will walk you through milestone events and essential elements of the outcome in the matter as well as the associated cost. We base these arrangements on a scope of work that defines the parameters of the work to be completed.
This type of arrangements are more suitable for cases where unexpected developments are unlikely as this kind of developments typically require additional work and result in additional cost.
Fixed fee documents
While we are a full service firm and offer customized legal documents to our clients, we also make available model documents for fixed fees. Visit our Shop to learn more.
We welcome questions about cost and billing. As you would expect, we do not ever bill for time spent on discussions about fees and billing.
What's next? Contact us today!
Petrova Law is a boutique business law firm focused exclusively on tax and business law matters. The firm assists businesses with tax strategy, IRS representation, sales and purchases of businesses (M&A), and general corporate law from startup launch through growth and maturation to exit and succession.