A December study by the legal consultancy firm of Altman Weil showed that the recession notwithstanding, some large law firms are raising their fees to corporations by an average of four per cent in 2010. It is unknown whether or not Colorado law firms were included in the study.
The hourly rate charged by senior partners in these large firms has gone
as high as $700-$900 per hour. A local survey by Boston-based BTI Consulting
in October disclosed that 15% of Boston’s law firms are raising
their rates for 2010, while the remainder is keeping their fees the same
as last year.
As I have written before, a corporation that is cost- conscious and result-
oriented should look at the advantages of hiring a plaintiff’s firm
that charges on a contingent fee basis, whereby legal fees are based upon
a percentage of the amount recovered in a lawsuit. If the lawsuit is lost,
the lawyer receives no fee. Of course, this type of fee arrangement is
normally confined to instances where the corporation is suing another
person or legal entity for monetary damages. If the corporation is the
defendant in the case (the one being sued), contingent fees are usually
not appropriate, although some plaintiff’s firms will fashion a
fee agreement whereby the lawyer is paid based upon results in the case.
A corporation or other entity that is considering filing a suit for money
damages should feel free to contact this firm for additional information
on the various types of legal fee agreements available.
Why You Need a Contingent Fee Lawyer for Your Colorado Business Litigation
Why You Need a Contingent Fee Lawyer for your Colorado Business Litigation, Part II