Manage Business Legal Costs | Undestanding Legal Fees

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Top Tip for Reducing Legal Fees

April 11, 2011

My tip for managing legal fees is to have a clear goal.  That is, having a specific array of tasks in mind helps the client to define the scope of engagement and thus saves costs.  While historically lawyers have been cautious with limited engagements because they were afraid the task would go beyond the agreed upon parameters, I have noticed a trend towards these types of limited engagements.  The opposite side of this is that the client should satisfy himself that a limited engagement will suit his needs.  For instance, when buying real estate, hiring an attorney simply to draft the purchase and sale agreement, but without advising on the remaining documents needed for the closing, is probably unwise.  But it certainly keeps the costs down.