Lace Law is always seeking to provide services in an innovative way that suits the way you want to do business with us. This includes our fee and billing structures.
We want you, as our client, to feel free to discuss fee arrangements with us and find a basis of charging that helps to create the long term relationship we seek to establish with you and your business. We set out below some of the typical arrangements that we have with some of our clients.
"Too often a client’s good experience can turn bad because of a lawyer’s failure to agree costs or properly reflect the value of the project to the client."
The retainer basis of paying for legal services is usually suitable for your enterprise if you have regular legal work but do not like the bills for the work arriving on an ‘as and when’ basis. Clients who commission our services on this basis often have a need for legal advice month in, month out if not week in, week out.
If this fee arrangement is right for you and your business, we will firstly establish the work that needs doing and create a service level agreement (SLA). In return for a fixed monthly fee Lace Law will provide you all the legal work covered by the SLA. It can prove to be easy to agree an appropriate monthly fee simply by reviewing the past legal spend recorded in your accounts. The retainer basis smooths demands on your cash flow and allows us to plan the resources needed to provide the service you need. We build a deep relationship with the client by holding regular meetings that will include cost reviews to make sure the SLA is working fairly for both parties.
This arrangement is particularly suitable for what might be viewed as a ‘one-off’ transaction. From the outset we will seek to understand what the legal work will entail and provide you with a fixed price work to cover the work that we foresee as being necessary.
Charging by reference to time is suitable for the type of work where it is not easy to understand just how much time will be needed to reach a conclusion. This is often the case with litigation matters where the amount of evidence needed and the actions of the other side cannot be completely predicted. Of course clients remain concerned about what their total exposure to costs might be so we agree ‘staging posts’ i.e. financial limits at which a review of the progress made and the likely future needs of the matter will be assessed.
Talk to us
We are always looking for new ways of delivering the service to meet each clients’ individual needs so please talk to us about charging arrangements. As an example we have experience of helping start-up companies by taking a long term view on charging arrangements.
Out of Pocket Expenses
Please note: Whenever we have to incur charges on your behalf, we will ask for payment in advance of incurring those costs. Similarly if it becomes necessary to provide an undertaking to pay the costs of another party, we cannot give that undertaking without first receiving funds from you to cover the amount of the undertaking.