| At the outset of any significant
project, we work with our client to develop
an appropriate financial plan for the work
to be performed. Especially in matters of controversy
(whether a business negotiation or business
litigation), this financial plan often departs
from what actually develops on account of --
as is frequently the case -- the occurrence
of an unanticipated event. For this and other
reasons and in furtherance of the needs of
our clients, the Firm employs a variety of
billing methods, generally categorized as follows: |
|
Hourly Rate Agreements. An hourly rate agreement
is one in which client and the Firm agree that legal
services are to be paid for as such services are provided.
Generally, the Firm's time is billed at hourly rates
which vary consistent with the experience of the various
lawyers and staff who work on the case. The practice
of the Firm is to employ non-lawyers (e.g., litigation
or corporate paralegals) wherever possible to assist
the lawyers in the conduct of a case. The Firm's hourly
rates are usually provided either in the engagement
letter or in a separate mailing and are always available
upon request. Often a retainer agreement or a formal
engagement letter is signed early on in the relationship.
Unless other arrangements are made in advance, the
client will be invoiced on a monthly or other regular
basis for the time spent by the Firm on a client's
matter and for costs and expenses incurred on behalf
of the client. Hourly rate agreements are often used
where the scope or type of service to be provided
is not routine or evolve over time or will be determined
by factors outside the control of the client (e.g.,
an opposing litigant, a corporate acquisition or a
similar type of custom engagement). When entering
into an hourly fee arrangement, the client is encouraged
to seek estimates for the work, to arrive at an agreed
upon monthly payment schedule irrespective of the
activity that month. Litigation budgets can often
form a part of the communication process. While the
ongoing detailed reporting sometimes itself increases
the level work, with email and fax deliveries, short
and informal updates become a more effective tool
to solidify and bolster the attorney client relationship.
Fixed Fee Agreements. Certain types of non-adversarial
business matters lend themselves to a fixed fee arrangement.
These types of projects include corporate reorganizations,
probate, the preparation of wills and related estate
planning documents, trust planning, the creation of
family limited partnerships and similar types of work.
Often when there are known parameters to an assignment
(e.g., a corporate reorganization) and unknown parameters
(e.g., having to work with an existing loan agreement
which must be reworked in order to accommodate a new
corporate structure), the Firm employs a fixed fee
component to the relationship and an hourly portion.
Where feasible the Firm employs a fixed fee relationship
within the parameters of some agreed to boundaries
of the assignment.
Contingency Fee Agreements. A contingency
fee agreement is one in which the client and the
Firm agree that legal services are provided to client
but are not paid for unless or until there is an
award made to client by the opposing party. The
client usually does not wish to or perhaps cannot
afford to pay an hourly fee for the necessary services
as they are provided. In such instances, the Firm
receives an assignment of the case proceeds for
an agreed upon share of this amount in compensation
for services rendered. Unless otherwise set forth
in the engagement letter, the client usually deposits
sufficient funds with the Firm as an advance to cover
expenses for court filing fees, deposition and investigation
expenses, and related litigation expenses. The contingency
fee, again unless otherwise set forth in the engagement
letter, is calculated on the gross proceeds. Contingency
fee agreements are often used when a client has suffered
some financial or personal injury, and where the
financial strength of the opposing party and the
sought after substantial monetary award are present
in the case. When the client is a defendant or the
subject of a counterclaim or is seeking non-monetary
benefits from the litigation, a contingency fee arrangement
is more difficult, yet sometimes still possible,
to structure. Please note that all work done by the
Firm is subject to the Firm's
Administrative
and Billing Guidelines.
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THE FELDMAN LAw Firm
LLP
The
Galleria 
Post Oak Tower
5051 Westheimer, Suite 1850
Houston, TX 77056-5604
713/850-0700
Fax: 713/850-8530
info@feldlaw.com
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