Why legal advice is so expensive
A quick reality check.
“Why are those stinkin’ lawyers so expensive? They’re just getting rich off regular people!”
It’s an interesting question and my 2010 Honda Fit would probably argue the opposite but when you’re dealing with the law, it feels like the law firms have you over a barrel.
In this article it’s noted that a quick legal question can easily cost $300 or more to the lawyer being asked to open a file – and that’s before they get paid a dime!
Fortunately, our team of allied professionals (legal assistants and paralegals) know a great deal and are able to answer many of your basic questions! By helping you with the right person for your question, everybody wins.
However, sometimes you need more certainty about the legal risks you’re facing and that’s when you need a lawyer’s help.
BUT IT’S STILL EXPENSIVE!
This article gets into fascinating detail about why all of that is the case, though it’s cold comfort if you see legal advice as just a drain on your life.
This is where frame of mind comes in – insurance is expensive but you wouldn’t skip it because you don’t know what might go wrong. It’s the same for legal advice – we’re insurance for your decision-making about your property, end-of-life planning and your business by reducing the risk that you have received bad advice. And if we’re very wrong, we can be sued, unlike your friend who loves Law & Order.
Fortunately though, lawyers can also simplify things instead of making them more expensive. It’s shocking but true! We regularly provide solutions that end up saving money for our clients.
This is all just a long- winded way of saying the price is the wrong way to look at a lawyer’s fees. It’s the value that matters. Lawyers can drive costs lower by adopting some of the latest technologies and having the right ratio of assistants to lawyers but too often costs are reduced by cutting corners that can put you at risk. And that’s worth considering when choosing someone to manage some of your most precious affairs.