Hiring a lawyer is challenging for many small business owners because most know very little about the law and even less about the costs involved. If you’ve found yourself in a similar situation, you’ve come to the right place – we’re going to help demystify attorney fees for small businesses. Some of the topics discussed are what specific legal matters cost, what drives those costs, and what small business owners can do to reduce their legal costs.
In this episode, Tim Greene, Co-Founder of FizzLaw, a small business lawyer guide, and Darren Green, Chicago entrepreneurial attorney and Adjunct Professor at Northwestern University School of Law, join Anita Campbell to demystify attorney fees for small businesses.
Below are the questions we asked Tim and Darren:
- (3:53) Tim, can you tell us a bit about yourself and your background and how you came to be involved with FizzLaw?
- (5:12) Darren, can you tell us a bit about yourself and your background?
- (6:46) Have you two met in person or has this been a long distance relationship?
- (7:15) Can you explain what FizzLaw is in terms of a small business owner that visits the website? What will they find when they visit FizzLaw?
- (11:00) Do you still find that many lawyers and clients are entering into agreements with each other without a written understanding as to how the services will be charged?
- (14:09) Can you explain what the difference between a transactional lawyer and a litigation lawyer is?
- (15:43) What are the main drivers for the costs of legal services? What is it that costs so much to hire an attorney?
- (20:35) What’s the difference between getting a flat fee versus billable hours and how prevalent are flat fees?
- (22:08) Tim, do you see flat fees as being prevalent or are they the exception and not the rule?
- (24:35) So talk to several different lawyers and compare what they quote?
- (25:17) What are contingency fees and when are they charged? Also, do lawyers work for equity?
- (27:52) Is it reasonable for a business client to request that the attorney work for equity? And what would the attorney be likely to say to that?
- (30:54) Where can people learn more about you and what you do?
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Listen to Tim and Darren’s full interview NOW by clicking the red and yellow player below