Fixed Fees, Capped Fees and Hourly Rates
Fixed Fee: We operate whenever practical on fixed fees so you know what you are expected to pay and we know what work we are doing (and not doing) for a pre-agreed and pre-paid fee. A fixed fee is only fixed for the specified work, so if you ask us to do more work then we will remind you that the fee will need to be revised.
Capped Fee: You pay on an hourly basis but the fee will not go over a certain cap or limit.
Hourly rate: The traditional model in professional services. You pay for the time spent. Sometimes fixed fees or capped fees are not suitable as the scope of the work is too wide or there are too many uncertain facts (like another party’s unreasonable approach, additional work necessary not being clear, high numbers of documents to be reviewed etc.).
Our hourly rates which are used in some cases and are the basis for all quotes we provide are:
– Paul Bennett £650 per hour plus VAT (£780 including VAT) on regulatory, partnership, professional disciplinary and employment matters
– Mark Briegal £400 per hour plus VAT(£480 per hour including VAT) on LLP, partnership, corporate and commercial matters
Sometimes the work will be a mix of different practice areas and we may blend these rates to ensure the service we give to clients is seamless and for the less complex work we may charge less. A blended rate could mean Mark and Paul charging the same rate but this being a rate reflecting dual work and avoiding duplication of time spent. Any blended rates will always be set out in our engagement letter.
Under the Price Transparency Regulations, law firms have to publish the prices for certain types of legal work on their website. Our examples are here.