Comments on: An unsatisfied client speaks out http://www.thelawyercoach.com/2008/an-unsatisfied-client-speaks-out/ by Allison Wolf Mon, 06 Oct 2008 23:21:11 +0000 http://wordpress.org/?v=2.0.4 by: Chris http://www.thelawyercoach.com/2008/an-unsatisfied-client-speaks-out/#comment-6987 Fri, 11 Apr 2008 12:18:29 +0000 http://www.thelawyercoach.com/2008/an-unsatisfied-client-speaks-out/#comment-6987 I'm not sure Tom is looking for a shoot-from-the-hip response. It sounds to me like he wants a condensed, useable answer, not a treatise. I doubt attorney credentials are being questioned so much as to require Tom's attorney(s) to show their great depth and breadth of knowledge. Short, sweet, and hard to beat is what Tom wants. I think Seva may be right on the "maximum/minimum" statement. That being said, this is another situation where documentation is paramount - even if you don't charge for memoranda and similar documentation, you can CYA and still provide what the client needs and wants. Finally, flat rates are simply a must for businesses. I’m not sure Tom is looking for a shoot-from-the-hip response. It sounds to me like he wants a condensed, useable answer, not a treatise. I doubt attorney credentials are being questioned so much as to require Tom’s attorney(s) to show their great depth and breadth of knowledge. Short, sweet, and hard to beat is what Tom wants.

I think Seva may be right on the “maximum/minimum” statement. That being said, this is another situation where documentation is paramount - even if you don’t charge for memoranda and similar documentation, you can CYA and still provide what the client needs and wants.

Finally, flat rates are simply a must for businesses.

]]> by: Christopher Marston, Esq http://www.thelawyercoach.com/2008/an-unsatisfied-client-speaks-out/#comment-6980 Sun, 06 Apr 2008 19:07:06 +0000 http://www.thelawyercoach.com/2008/an-unsatisfied-client-speaks-out/#comment-6980 Dear Tom and Allison, I feel your pain and completely understand. You may want to check out Exemplar Law Partners. With a HQ in Boston, but clients all over the nation, we are the first business law firm in the country to abandon hourly billing in favor of a fixed price model. All of our M&A clients are on a fixed-price bases and the investment banks we work with all love it because our interests are aligned completely. The clients love it too, but that goes without saying. I would be happy to talk to you about our experience in M&A, deal structure, etc, and learn more about your business. If you found it to be a valuable discussion, I'll fly out and invest in learning about your business to get up to speed. Best, Christopher Marston, Esq Chief Executive Officer Exemplar Law Partners, LLC Dear Tom and Allison,

I feel your pain and completely understand. You may want to check out Exemplar Law Partners. With a HQ in Boston, but clients all over the nation, we are the first business law firm in the country to abandon hourly billing in favor of a fixed price model. All of our M&A clients are on a fixed-price bases and the investment banks we work with all love it because our interests are aligned completely. The clients love it too, but that goes without saying. I would be happy to talk to you about our experience in M&A, deal structure, etc, and learn more about your business. If you found it to be a valuable discussion, I’ll fly out and invest in learning about your business to get up to speed.

Best,

Christopher Marston, Esq
Chief Executive Officer
Exemplar Law Partners, LLC

]]> by: seva http://www.thelawyercoach.com/2008/an-unsatisfied-client-speaks-out/#comment-6977 Fri, 04 Apr 2008 16:19:34 +0000 http://www.thelawyercoach.com/2008/an-unsatisfied-client-speaks-out/#comment-6977 Biggest problem with clients like this is that they always want the minimum until something goes wrong, at which point they sue for not getting the maximum. Unfortuately, quick "shoot from the hip" answers rarely satisfy the lawyer's standard of care of advising the client of all risks inherent in a chosen course of action. Ditto for the memos. He does have a point on the flat fee model however. While law firms are loath to let go of the treasured tenth of an hour mentality, after all, how else will bonuses be calculated and why else would associates try to engage in mutual kamikaziship, many if not most clients prefer predictability of a flat fee rather then the uncertainty of never materializing savings. Moreover, with a bit of creativity, a law firm can reasonably protect itself from a deal that will take more time than unanticipated. For example, it can hedge its bets among multiple deals and multiple clients, with a hope to ultimately come out ahead, or it can introduce "extreme hardship" clauses in the contract, setting the type or degree of difficulties which would trigger additional billing. Biggest problem with clients like this is that they always want the minimum until something goes wrong, at which point they sue for not getting the maximum.

Unfortuately, quick “shoot from the hip” answers rarely satisfy the lawyer’s standard of care of advising the client of all risks inherent in a chosen course of action. Ditto for the memos.

He does have a point on the flat fee model however. While law firms are loath to let go of the treasured tenth of an hour mentality, after all, how else will bonuses be calculated and why else would associates try to engage in mutual kamikaziship, many if not most clients prefer predictability of a flat fee rather then the uncertainty of never materializing savings. Moreover, with a bit of creativity, a law firm can reasonably protect itself from a deal that will take more time than unanticipated. For example, it can hedge its bets among multiple deals and multiple clients, with a hope to ultimately come out ahead, or it can introduce “extreme hardship” clauses in the contract, setting the type or degree of difficulties which would trigger additional billing.

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