We recognise that clients want more predictability, efficiency, transparency and access to alternative fee arrangements.
Most law firms charge clients on a time cost basis using charge out rates appropriate to the skills and experience of the lawyer undertaking the work they perform. This is combined with the amount of time that they work on a case, recorded in six minute units. That is, each unit represents up to six minutes of the lawyer’s time spent on your matter at a certain rate. The more senior the lawyer, the higher the charge out rate.
We operate the same way. However, we also offer alternative fee arrangements for some of our clients depending on the nature and regularity of work involved. Such arrangements include a fixed fee retainer or capping the amount of professional fees charged.
Fixed Fee Retainer
Under this arrangement, we will charge you a fixed periodic fee (usually monthly) under either a global retainer covering all your legal work or a specific retainer covering identified aspects of the work.
The retainer fee has no carve-outs or exclusions. It is calculated to equate to the average value of the work over a long period, so as to smooth out the peaks and troughs and give you budgeting certainty. Examples of specific retainers we are currently working under include retainers for general commercial work, debt recovery, workplace relations work and certain commercial litigation.
For specific projects or tasks or predictable stages of litigation, we can fix fees to cater for your interests and maintain pricing transparency.
The retainer fee is reviewed regularly to ensure that it is pitched at a fair level in relation to the volume of work.
For some of our clients, we offer to cap our fees for the work to be done on a matter. We do this by providing you with an estimate of our professional fees to perform certain work and then agree to cap our fees at an amount.
We will still record our time and bill you according to the time spent but once it reaches the capped amount, you will not be charged anything further.
The beauty of this arrangement is that if the time spent is less than the capped amount, you will only be charged for the actual time spent. If it reaches the capped amount, you will incur nothing further.
This places you in a position of having some certainty of the maximum amount you can expect to incur in a matter. This is particularly useful in complex litigation type matters where fees can quickly spiral out of control in matters that have an uncertain path of events. That way, control over spending remains firmly in your hands.