3 ms·
Not everyone gets the most expensive product or service. Shouldn't people be able to get cheaper lawyers? Why don't some of the unemployed lawyers create budget
by arikrak 14y ago
Not everyone gets the most expensive product or service. Shouldn't people be able to get cheaper lawyers? Why don't some of the unemployed lawyers create budget practices? No person or business would be willing to use them?
- rayiner 14y agoThere are cheaper lawyers, even cheaper business lawyers. See: http://lawfirmsuccess.wordpress.com/2012/04/17/big-news-for-biglaw-partner-billing-bad-news-for-boutique-firm-prices http://lawfirmsuccess.wordpress.com/2012/04/17/big-news-for-.... The inter-quartile ranges in the study are $200 - $875. E.g. see: http://www.bizjournals.com/boston/print-edition/2012/04/27/lawyer-inflation-with-economy.html?page=all http://www.bizjournals.com/boston/print-edition/2012/04/27/l.... The firm in the article is a 135 lawyer outfit (so solidly on the larger end of mid-sized) with offices in Boston and D.C. and four other Northeastern cities. Partners bill out between $300-$500. (No affiliation, just Google-ed). Experienced solo practitioners serving individuals in personal matters might charge $100-$150. And if you just need someone with a JD, you can get one for $10/hour on Craigslist. Then on the other end of the spectrum, you have firms like Wachtell Lipton, who basically only do billion dollar M&A deals. They don't even charge a fee, they charge a percentage of the deal value. People hire them because when you've got a $5 billion deal, you don't care if your legal fees end up in the tens of millions of dollars.
- tazzy531 14y agoI seem to recall reading something about this in Freakonomics. Price is a signal that people use for quality. Nobody wants to get discount legal advice. When things go well, you save a couple of bucks. When things go bad, you can lose a lot more. This applies to the medical field too.