Lawyers charge for services differently, depending on the nature of your needs, the quality of services you seek and the complexity of your situation. Payment for a lawyer’s skill and knowledge varies from lawyer to lawyer, so it is important to understand exactly how you will be charged before engaging his or her services. Shop around and compare rates and types of fees, talking openly about your concerns and expectations. The client may negotiate the fee and discuss what services are covered directly by the lawyer and his agents.
There are generally four types of fee arrangements:
- Fixed Fees
- Contingency Fees
- Hourly Rates
- Percentage Fees / Value-Added Fees
Real estate brokers could learn a lot from lawyers on charging fees. Not everyone wants to be charged the higher contingency fees. Likewise, not all real estate brokers are happy that only contingency fees seem to be accepted by the public that buys and sells property.