New York Attorneys - Alternative Billing
The Weisman Group of New York attorneys explores alternative billing methods, and it is not just about saving money. It is about our clients. We analyze different methods and discuss with our clients which one makes the most sense for them.
Fixed/Flat Fees
Perhaps the most popular of alternative billing methods, fixed fees are favored by clients because they know what they are going to pay in advance for a real estate closing, employee contracts, uncontested divorce, and many corporate filings. We use this method for these types of work because we have a good handle on what it takes to perform this “standard” type of work.
We correct the pricing for subsequent projects. Even if we have done hundreds of these projects in the past, changes in law and the marketplace may alter the time that needs to be invested in their successful completion. For example, the drafting of an employment contract. We have now developed new strategies to include policies against the use of Twitter, Facebook and blogs that go beyond the typical set of fees involved in the same work five years ago so parameters of any matter are well defined. We explain to clients the scope of the project.
Discounted Hourly Rates
If alternative billing methods cannot be agreed upon with our clients we find a discounted hourly rate more palatable.
We use the discounted rates and then figure out how to staff the project in a way that saves our clients money.
We discuss up front with the client who will work on the project, the rate for each staff member and when the discounting will end.
Incentive Arrangements
Incentive or success-based billing arrangements are preferred by some of our clients. A base fee structure is established, and varying levels of success, agreed upon prior to an engagement, are rewarded accordingly. The Weisman Group of New York attorneys has goals that are well defined, so in most cases when applied the incentive-based billing works, and eliminates criticisms associated with billable hours.
Value-Based Billing
Similar in a way to incentive methods, value-based billing is our belief that the worth of our counsel and services is of much more value than can be discerned by the number of hours put into the project. Every once in a while, we may create a program, prepare legally for an unforeseen risk, or develop a piece of legal strategy in a short timeframe that translates into large money saved or made by a corporation. In these cases, we may bill for the value we provide as opposed to the time spent developing the solution.
Unlike incentive based billing, we are more in control of determining these fees. When billing extra for success, we also bill less when results are not realized, no matter how much time was invested.
Overall, which billing method works best for an individual client is a combination of what our clients and our firm can live with collectively. No matter which structure is chosen we aim to be professional and cost effective New York attorneys.
Innovative, Creative, Aggressive and Experienced Weisman Law Group, P.C. (516) 256-7737
Fixed/Flat Fees
Perhaps the most popular of alternative billing methods, fixed fees are favored by clients because they know what they are going to pay in advance for a real estate closing, employee contracts, uncontested divorce, and many corporate filings. We use this method for these types of work because we have a good handle on what it takes to perform this “standard” type of work.
We correct the pricing for subsequent projects. Even if we have done hundreds of these projects in the past, changes in law and the marketplace may alter the time that needs to be invested in their successful completion. For example, the drafting of an employment contract. We have now developed new strategies to include policies against the use of Twitter, Facebook and blogs that go beyond the typical set of fees involved in the same work five years ago so parameters of any matter are well defined. We explain to clients the scope of the project.
Discounted Hourly Rates
If alternative billing methods cannot be agreed upon with our clients we find a discounted hourly rate more palatable.
We use the discounted rates and then figure out how to staff the project in a way that saves our clients money.
We discuss up front with the client who will work on the project, the rate for each staff member and when the discounting will end.
Incentive Arrangements
Incentive or success-based billing arrangements are preferred by some of our clients. A base fee structure is established, and varying levels of success, agreed upon prior to an engagement, are rewarded accordingly. The Weisman Group of New York attorneys has goals that are well defined, so in most cases when applied the incentive-based billing works, and eliminates criticisms associated with billable hours.
Value-Based Billing
Similar in a way to incentive methods, value-based billing is our belief that the worth of our counsel and services is of much more value than can be discerned by the number of hours put into the project. Every once in a while, we may create a program, prepare legally for an unforeseen risk, or develop a piece of legal strategy in a short timeframe that translates into large money saved or made by a corporation. In these cases, we may bill for the value we provide as opposed to the time spent developing the solution.
Unlike incentive based billing, we are more in control of determining these fees. When billing extra for success, we also bill less when results are not realized, no matter how much time was invested.
Overall, which billing method works best for an individual client is a combination of what our clients and our firm can live with collectively. No matter which structure is chosen we aim to be professional and cost effective New York attorneys.
Innovative, Creative, Aggressive and Experienced Weisman Law Group, P.C. (516) 256-7737
