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Ference & Associates ("the Firm") welcomes the opportunity to discuss alternative fee arrangements with respect to particular matters. In the absence of an alternative fee arrangement, the Firm takes many factors into account in billing for services, including hourly billing rates, the novelty and complexity of the issues involved, the urgency with which the services must be performed, the extent to which an engagement precludes representing other clients, and the results achieved. In most instances, the number of hours worked is the principal basis for fees. Particular services, however, may be rendered for a fixed fee. Hourly Billing Rates
Hourly billing rates vary from attorney to attorney depending on expertise and experience. Hourly rates are reviewed annually and may increase during the course of representation.
Clients may receive interim billings which will be based on hourly billings. Determination of the total final fee will await ultimate conclusion of each matter so that all factors may be considered properly.
Most engagements require that certain advances be made on a client's behalf from time to time. Out-of-pocket expenses for travel, lodging, toll-calls, filing fees, postage, overnight delivery and similar items, and charges for certain administrative expenses such as photocopying, computer-assisted research, and secretarial overtime specifically related to a matter will be separately billed and identified on the Firm's invoices. As a result of delayed billing to the Firm, certain disbursements may not be billed by the Firm on the invoices on which related services are billed.
Unless other arrangements have been made, it is the Firm's policy to render monthly invoices for professional services, or if appropriate, upon the completion of the services. The Firm expects that its invoices will be paid upon presentation. The amounts paid on interim billings are applied to the total final fee.
The Firm generally requires an advance from new clients or with respect to significant new matters for existing clients in an amount appropriate to the engagement. The advance is in the nature of a deposit held by the Firm on account of its continuing investment of time and effort. Even though it may hold an advance, the Firm expects payment periodically as invoices are issued for services rendered as reflected by interim billings. The Firm will apply the advance to the final billing.
During the course of an engagement, the Firm may have occasion to hold funds in escrow on a client's behalf. The Firm reserves the right to apply funds held in escrow to pay outstanding billings for services and disbursements before remitting the balance to the client.
A client may terminate the Firm's representation in a matter at any time. The Firm has the same rights, subject to an obligation to provide the client reasonable notice to arrange alternative representation. |
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Copyright © 1999-2005 Ference & Associates. All Rights Reserved. Legal Information. |
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