Risk-Sharing Fee Agreements Are a Viable Option In the Right Circumstances
For many businesses and individuals, the cost of high quality legal representation is daunting and, in some case, even prohibitive. SS+D has a possible solution – risk-sharing fee agreements. When the circumstances are right, SS+D offers unique fee structures for its litigation services that are not based strictly on the billable hour.
According to Toby Henderson, a partner in the firm’s Litigation Department, there is an increase in the number of clients who are interested in exploring what SS+D calls risk-sharing fee agreements. “In these uncertain economic times, clients ranging from Fortune 500 companies to the small family owned businesses are motivated to explore alternative billing agreements in an effort to ensure they are paying for value and not simply time. Clients are also looking to increase the predictability of their legal fees.”
Risk-sharing fee agreements can take many forms, including flat fees, a combination of a reduced hourly rate and a partial contingency, a fixed amount per month as the case proceeds, or even fixed fees plus a bonus depending on results.
Dianne Marx, another partner in SS+D’s Litigation Department and the Chair of the firm’s Probate Litigation Group, explains that “the concept of billing agreements that are not strictly based on an hourly rate fee is not a new concept. And while many of our clients prefer to be billed on an hourly rate basis, we make risk-sharing fee agreements available in circumstances where such agreements make sense for the clients. In short, we tell our clients that the hourly rate may not be their only option.”
And according to Jim Dyer, Chair of the firm’s Litigation Department, “at SS+D, we pride ourselves on partnering with our clients to achieve outstanding results. Risk-sharing fee agreements, by their very nature, require attorneys to share risks with the client. And while in every case that we are involved in our interests are aligned with those of the client, risk-sharing fee agreements are another way that SS+D lawyers can demonstrate their unwavering dedication to our clients and their objectives.”
For information about the legal services provided by SS+D or our risk-sharing fee agreements, contact any of the lawyers at SS+D.