Understanding real-estate legal fees

Legal fees for lawyers

One of the reasons lawyers can be the butt of jokes is because they can charge what often seem like exorbitant fees. However, most good lawyers charge only what they have to. That’s one way of getting good referrals, which is the staple of any good legal practice, including one specializing in real-estate law.

In addition, there are many perfectly good reasons why legal fees can run high. On the one hand, practising law requires many unique skills that only come with many years of schooling as well as legal experience. As is often the case in the free market, consumers will pay a premium for such specialized skill.

Out-of-pocket expenses

On the other hand, there are many costs associated with being a lawyer that don’t even have to do with being a lawyer, so to speak. There’s the leasing of office space, paying of staff, as well as the countless expenses that come with specifically being a real-estate lawyer.

For example, in the process of performing many routine real-estate duties and transactions, a real-estate lawyer will incur some administrative expenses that they have to pay out of pocket. These types of expenses are called disbursements, which lawyers have to pay when engaging in title searches, paying for photo copies at registry offices, or even making long-distance administrative calls.

Transparency is crucial

These aren’t expenses that are piled on simply for the purpose of bilking the client. If such expenses aren’t paid, routine real-estate transactions can’t get done. So, these expenses have to be passed onto the client. Any responsible real-estate lawyer will make such expenses and disbursements transparent and inform the client beforehand what they entail.

Furthermore, the rates that various real-estate lawyers charge also depend on a number of other factors, such as years of experience, areas of specialty, size of the law firm, etc. However, prospective clients of real-estate lawyers shouldn’t get too hung up on fees.

Again, a good referral might justify a lawyer with a high hourly rate if that same lawyer has a reputation for efficiency and respecting the client’s money. Alternatively, a good real-estate lawyer doesn’t always come at a high price, especially if they have become efficient in the performance of their jobs and in managing their staff and expenses.

If you need a professional advice on family law, or if you’re thinking of divorce, please phone us here at Hosseini Law Firm (HLF) for a 15 minute free consultation: 416-628-4635, or please use the contact form provided on this page. Thank you.

 

Posted on by Behdad Hosseini
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