Gordon Gekko
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Why? That makes no sense. What other basis is there in such a scenario?
Why? That makes no sense. What other basis is there in such a scenario?One needs to be fair to all sides. Fixed fees work in certain circumstances where the amount of work involved is known. But a client would want his or her head examined to agree to an hourly fee for something where the time input is unknown.
That’s fair enough but surely that’s precisely why the legislation provided for production of a bill of costs outlining how costs will be determined.One needs to be fair to all sides. Fixed fees work in certain circumstances where the amount of work involved is known. But a solicitor would want his or her head examined to agree to a fixed fee for something where the time input is unknown.
If you could tell the solicitor exactly what they would have to do in order to close out the transaction they would be able to tell you exactly what they were going to charge you.If I was your client I'd want to know exactly how much extra you were planning on charging. I don't agree with this let's sit down and chat when you make lots of money.
I'd expect any solicitor with experience to be able to give an accurate estimate of what it will take to close out a transaction and if it deviates from that to be able to update on cost implications, it's not that difficultIf you could tell the solicitor exactly what they would have to do in order to close out the transaction they would be able to tell you exactly what they were going to charge you.
If I went to a builder and asked them how much they would charge me to build a house but only told them the location and size and described what I'd like it to look like them they would only be able to give me an estimated figure. If I provided them with detailed drawings, a costed bill of materials and comprehensives site survey then I'd expect them to give me a fixed price with a small contingency.
How is the solicitor to know what the other side is going to do?I'd expect any solicitor with experience to be able to give an accurate estimate of what it will take to close out a transaction and if it deviates from that to be able to update on cost implications, it's not that difficult
They will have an idea hence an estimate, what the other poster is talking about is a sit down once it's all resolved and presenting a bill, I don't agree with that approach.How is the solicitor to know what the other side is going to do?
I agree that they should keep you in the loop, within reason, on costs as they happen.
They are likely to have no idea. The same people moaning now would be the same people moaning if the solicitor did his or her best to estimate the costs and that number was wildly incorrect, which it could be.They will have an idea hence an estimate, what the other poster is talking about is a sit down once it's all resolved and presenting a bill, I don't agree with that approach.
So what should they do?They will have an idea hence an estimate, what the other poster is talking about is a sit down once it's all resolved and presenting a bill, I don't agree with that approach.
If you are happy to allow a solicitor work away on a time spent basis with no indication on an overall fee good for you, based on experience it's not something I would do.They are likely to have no idea. The same people moaning now would be the same people moaning if the solicitor did his or her best to estimate the costs and that number was wildly incorrect, which it could be.
What is the point and upside of telling someone that it might cost €30,000 when you haven’t a clue and it might cost €60,000? It’s just a stick to be beaten with.
Would you not like to have an idea of how much extra it will cost if there are problems? Maybe the extra cost isn't worth it to you for example?So what should they do?
Should they tell their customer that the other side had now done X and the response will cost Y?
I have a very good solicitor whom I trust. They send me an estimate of cost at the start and if things go according to plan that's what they charge. If there are problems I understand that it will cost more. I trust them not to overcharge. If I didn't trust them then I wouldn't be using them.
Maybe, but I know what the hourly rate is and I know that my solicitor will tell me if costs are getting out of hand.Would you not like to have an idea of how much extra it will cost if there are problems? Maybe the extra cost isn't worth it to you for example?
I don't deal with large legal firms. In my experience you get a very inexperienced solicitor charging you at a very high hourly rate. If they have fancy offices, plush furnishings and nice art just remember that you are paying for it.Maybe people are talking about a few hundred or thousands of euro on a personal matter, my experience is more with large pieces of corporate work. When fees aren't fixed legal firms tend to run amuck.
I’d question the extent of your experience on that basis.If you are happy to allow a solicitor work away on a time spent basis with no indication on an overall fee good for you, based on experience it's not something I would do.
No need to question it Gordon I've spent more on legal fees than most.I’d question the extent of your experience on that basis.
One should always look for a fixed fee or an estimate of the potential fee, but there are obvious scenarios where that’s not possible because nobody has the faintest idea how much work or time will be involved.
You’ve said you’re unwilling to allow a solicitor work on a ‘time spent’ basis which ignores a whole swathe of scenarios where nobody knows how much work will be involved.No need to question it Gordon I've spent more on legal fees than most.
And based on your second point I'm confused why you are questioning it given you are effectively agreeing with me that you should always look for a fixed for or a firm estimate.
Not without at least an estimate on fees first and if the fees are likely to exceed that estimate an update on where they might get to, anything else is naive.You’ve said you’re unwilling to allow a solicitor work on a ‘time spent’ basis which ignores a whole swathe of scenarios where nobody knows how much work will be involved.