Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Accounting and Financial Planning for Law FirmsKickerFeaturesTopicsLaw Firm ManagementSectionsNewsLJN Newsletters

Yes, We Can ' Raise Fees

By Ed Poll

After most firms have faced two-plus years of pressure by clients to cut rates, the thought of increasing fees seems a distant memory to many. In today's tough economic conditions, few lawyers at any size firm likely are considering an increase in their fees. This is, of course, a matter of economics. The seller of any service must understand costs, set profit targets, and gauge market demand. The decision ultimately is a matter of the seller's choice ' and the market's reaction.

This reasoning applies to lawyers and law firms, as it does to any other kind of business entity. A lawyer in any given area of practice at any given firm can charge for services at an hourly rate, a flat fee, a contingency fee, or a mixture of these and other billing methods. Moreover, the amount of those charges can vary widely. The only requirement, according to Rule of Professional Conduct 1.5 (“The Code”), is that “a lawyer shall not make an agreement for, charge, or collect an unreasonable fee.” The Code defines “reasonableness” by such factors as:

  • The time and labor required;
  • The novelty and difficulty of the questions involved;
  • The skill requisite to perform the legal service properly;
  • The customary local fee for similar services;
  • The amount involved and the results obtained;
  • The time limitations imposed by the matter; and
  • The experience, reputation and ability of the lawyer.

What Is Reasonable?

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
The Article 8 Opt In Image

The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.

Major Differences In UK, U.S. Copyright Laws Image

This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.

Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers Image

There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.

Strategy vs. Tactics: Two Sides of a Difficult Coin Image

With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.

Transfer Tax Implications on Real Property Leases Image

The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.