What would you rather shell out $1,000 for? A new computer, a new diamond ring, a new racing bicycle, 5 passports to Disneyland? What about a couple of crowns and fillings to alleviate your toothache? What about laser eye surgery so you can see better? What about drafting a simple partnership agreement so, should something ever occur to your new business partnership, you'll have a cost-effective exit strategy?
My bet is that the latter is low on the list. Why? Because legal services are often expensive, though invaluable down the road ... and, importantly, the thought most of us consider is, "Can't I just do this myself and save a few bucks?" Of course you can. I often meet with potential clients who wonder out loud during our consultation meeting what the benefit is of having an attorney draft business documents, incorporate a business, or even answer a complaint in court. I believe my fees are competitive, yet to a layperson, they are certainly costly in comparison to what else that money may buy. What is the fee charged and thereafter paid used for?
For starters, my practice of law is a business, just like anyone else's - my fees pay for the operation of that business - rent, supplies, employees, vendor services, and importantly insurance; it also pays my personal expenses in raising my family.
Specifically, however, the fee paid is charged for knowledge and experience in handling the matter covered as much as for the time in having to deal with the particular client's concerns. The client also gains that time spent by the attorney so that, instead of dealing directly with the issue, the client can concentrate on other pressing matters, such as the operation of the business, hiring employees, buying merchandise, and otherwise, dealing with necessary day-to-day issues affecting the client.
I've said it before - you can cook your own food, prepare your own taxes, mow your own lawn, repair your own car, handle your own travel plans, sew your own clothes, and handle your legal affairs. And, for much of life, we do ... whenever we purchase something, we usually read the "small print" ourselves and make the purchase without our attorney present; without calling our tax adviser every time we purchase or sell something; plant flowers without the licensed landscaper; put oil in our car without the mechanic standing over our shoulder. On the other hand, when various matters become too time consuming, remember that the fees charged go a long way to advance YOUR cause, whatever that may be.
Until next time!
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