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Flat Fee Contract Drafting And Revisions

flat fee contract draftingOver half of Business Lawyer Mike Young’s practice involves flat fee contract drafting or revisions for clients. Why a flat fee instead of charging by the hour? Because it makes sense for the client to know ahead of time the amount they’re investing in legal protection so there are no surprises.

Phone Consultation

During the initial phone consultation, Attorney Young and the client discuss the agreement(s) to be prepared or revised. After the consult, the client will receive a firm quote for either drafting the new contracts or revising existing ones.

In some cases, it’s more cost-effective to have a new agreement prepared than to revise an existing contract that has major flaws in it. Because it takes time to identify and fix problems in an existing agreement, particularly those that have been “borrowed” from another source by the client.

What if additional work needs to be done? Flat fee quotes for contract drafting include one set of complimentary revisions within 10 days of the client receiving the agreement from Attorney Young.

Hourly Billing As An Alternative

What about hourly rates?

Attorney Young will prepare or revise agreements at an hourly rate. However, most clients prefer to pay a flat fee instead.

When hourly rates are charged, it’s typically when the amount of time involved is clearly an unknown. For example, when a client wants Attorney Young to negotiate the contract’s terms with the other party’s lawyer there’s no way to know how time-consuming that will be. So, the standard hourly rate is charged and billed in 1/10th hour increments.

How To Get Started

If you need help with an agreement, your first step is booking a phone consultation with Attorney Young.

Mike Young, Esq.

Author Mike Young, Esq.

Mike Young has been practicing business and technology law since 1994 and is an angel investor in startups. He's been an entrepreneur since 1988. To get legal help from Attorney Young, click here now or call 214-546-4247 to schedule a phone consultation.

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