How to Negotiate Bankruptcy Lawyer Fees

by | Sep 30, 2014 | Bankruptcy Law

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Did you know that it may be possible for you to reduce the attorney fees that you pay? The fact is that a lawyer?s costs will vary based on the amount of time involved in the case, the experience the lawyer has, and how fast the lawyer that you hire is. The cost will also be dependent on if you are using a smaller firm or a big name firm.

Once your lawyer provides you an estimate for your bankruptcy case, you should consider this a jumping off point. This will help you get the best deal possible for their representation.

Their Experience
The experience that a lawyer has will prove a number of things, and in some cases, more experience equates to higher fees. However, you may also receive a quote from a bankruptcy attorney that is less experienced in the field. If you opt for this person, then it may take longer to have your case closed. In this situation, you have to determine if you are willing to pay more for an experienced lawyer services.

Lawyer Speed
You need to ask the attorney you plan on using how they charge; there are two basic options: a flat fee or by the hour. If you have an attorney who charges by the hour, and the case continues to drag on, you can look at significant, unexpected charges. However, if they provide you with a flat rate, then you will know how much you are going to have to pay, no matter how long the case takes to resolve. In some cases, you may be able to negotiate a lower rate if the case takes over a certain number of hours, but this is something you will have to discuss with your attorney.

Size of the Firm
If you use a smaller law firm for your bankruptcy case, chances are you will have much more negotiation power. Larger, big name firms typically have much more overhead in terms of staff and office expenses. However, a larger firm may also have more experience in the court room which could be beneficial for your case.

The fact is that no matter who you select for your bankruptcy case, if you are not happy with their cost, you should try to negotiate it down. Most firms will be open to this and have no problem providing you with a reduced rate.

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