What does it cost?
Law firms will, in the main, give you some free advice at the beginning and should be upfront about what the transaction will cost.
If you are likely to do a lot of business with a law firm, you should be aware that you can negotiate on fees.
However, if it is just a one off small transaction, firms will be less inclined to discount.
Fees can range from around £150 for general advice from a small high street law firm to £700 plus from a top specialist in a smart international law firm.
The average for commercial advice is between £250-£500 an hour.
There are a number of ways of dealing with legal bills in commercial law firms.
Bigger companies can negotiate a cap on fees or arrange a discount when fees reach a certain level.
If your company is litigating, there are a growing number of law firms who have links with insurance companies providing litigation insurance. Some law firms will consider ‘no win no fee’ arrangements so it is always worthwhile asking.
Whatever size, your company should not be shy when discussing fees with a law firm, particularly if there is the potential to give the firm a lot of work.
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