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Most people who consult an attorney want to know what they will be charged for a particular service. Like other legal firms, this one has only one product–the time and expertise of the attorney. I therefore charge on the basis of what is felt to be a reasonable method–the total time that is spent on a particular legal matter. The time can vary greatly depending upon the needs of the client and the nature of the service. A so-called "simple will" may only require 60 minutes of discussing the will with the client, 30 minutes of drafting time, and another 15 minutes to sign it. Or it may involve several hours of discussion and questions, plus drafting and signing. In one case the charge may be $400, in another $1,500. Obviously, the end product does not always represent the total time involved.
The charge for legal services is $300 per hour, and time records are kept of the time involved–such as meetings, telephone calls, and correspondence. When a statement is submitted for legal services, these charges are itemized. Normally, a charge is not made for postage, xeroxing or telephone costs, provided these costs are nominal. But if xeroxing is more than a few pages, the charge is billed at the rate of 15 cents per page. The client is also billed for any charges for telephone calls out of the immediate area, fax messages (at $1/page), and direct out-of-pocket expenses such as recording deeds, obtaining certified copies of court documents, or other direct costs. I provide no "free" initial consultation and bill for all of my time, including initial interviews.
The following are approximate ranges of charges for legal services:
| SERVICE | FEE |
|---|---|
| Living Trust (single person) | $2,000-3,000 |
| Living Trust(couple) | $3,000-4,000 |
| Dynasty Trust | $4,000-5,000 |
| Other services | $300/hour |
Clients will be required to sign an agreement regarding legal services and fees and to pay a retainer of 50% of the estimated charges.
After the retainer is used, clients are billed on a monthly basis, and payment is expected within 30 days of billing. Failure to pay bills within 30 days will result in my withdrawal as the client's attorney and the termination of any estate planning in progress.
Many attorneys advertise cheaper rates for estate planning than I do. In comparing their rates to mine, you should remember that what you are actually buying is legal advice, not a piece of paper. An estate plan is a plan, not just a form will or living trust. Attorneys (or others) who discount estate planning generally sell a generic, "one size fits all" will or living trust. While it is possible that such a generic will or living trust is appropriate for your needs, this is often not the case. I have many clients who have initially obtained such generic estate plans, only to later find that they did not do what they wanted or needed.
Most attorneys who offer discount estate planning have their paralegals meet with the clients and draft the documents. Since they are doing a volume business, they must limit the amount of time they spend with the clients. In some simple, straightforward situations, this might be all that is needed. However, such attorneys can rarely tell you the tax ramifications of the proposed estate plan, or the various alternatives. I can.
A few attorneys claim to offer an initial "free" consultation. Many times this is not "free," but the time is factored in and the total legal charge reflects this. There is no "free lunch." I do not offer "free" services but rather bill my clients for the exact time involved.
Ultimately, however, you should only choose an attorney whose fees you feel are acceptable because it is important that a client feel comfortable with the attorney with whom he or she is working.
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