Wednesday, August 10, 2011

How Much Should a Solo Lawyer Charge? - Finance / Accounting / Fees - Strategist

How Much Should a Solo Lawyer Charge? - Finance / Accounting / Fees - Strategist
(click link)


Excerpts:


"x x x.


But, if you're interested in figuring out a decent benchmark to weigh your legal fees against, consider the Laffey Matrix.


Developed out of the case of Laffey v. Northwest Airlines Inc. out of the federal district court in Washington, D.C., the matrix is a table of hourly attorney's fees that should be charged for attorneys depending on the year and how many years of experience they have.


While the Laffey Matrix may not be definitive, it certainly does provide at least a measuring tool that can help clients understand why you're charging what you're charging.


In deciding how much you should charge, solo lawyers might also consider discussing or figuring out what similar attorneys in your locale, specializing in your practice area, generally charge. Keep in mind, however, that as a fresh graduate, you might not want to be charging the same amount as an attorney who has 20 years of experience in the field.


Of course, the Laffey Matrix is relevant mostly to attorneys who are looking to charge hourly fees. What about solo lawyer's fees for contingency-based cases? If you're a solo attorney opting to go for contingency fees, figuring out which percentage to charge your client may actually turn into a case-by-case evaluation, with varying fees for different clients.


x x x."