Posts Tagged ‘Fee Estimate’

Why are commercial property solicitors so slow and expensive?

Commercial Property SolicitorsAt the risk of being lynched by my fellow professionals, I thought you might be interested to hear why most commercial property solicitors are so slow and expensive.  In short, it is because they are paid by the hour.   This means that the solicitor is not incentivised to work as quickly as possible.  In fact, he due he is incentivised to do the opposite.

This is reinforced by the fact that he is paid an hourly rate and that he or she works to strict billing targets which usually incorporates a billable time target eg. each “fee earner” must log 5 and a half billable hours per day.   The team leader will be given a report which shows which fee earners are not achieving this billable time target.   Repeated failure to hit the billable time targets could lead to the fee earner having his pay frozen, reduced or he may even be laid off.

Commercial Property Solicitors

It is also common practice in law firms for a low fee estimate to be given to the client to “get the job in the door “and then as the deal unfolds (and this is covered off in the initial terms of business letter so the client has no comeback on the law firm), the estimate is revised to take into account the additional work that is involved or the increased complexity or to reflect protracted negotiations.  So the figure is massaged upwards. Read the rest of this entry »

Dominic Beeton, Solicitor
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