THE TOP TEN KEYS TO GETTING PAID

Considering flat fees? Clients love them. Many attorneys also love thembut attorneys who think that flat fees eliminate the need for timekeeping are wrong. You can't know what to charge if you don't know how much time the work requires. To make this determination, start by faithfully capturing all your time on each flat-fee matter. Multiply hours worked by your minimum hourly rate. Then, factor in the additional considerations listed in ABA Model Rule 1.5, and you'll have your rate. Guessing isn't fair to either you or your clients. An advance fee deposit is a demonstration of your client's commitment to the work, and it helps protect you from a nonpaying client. Ask for at least the first two months' worth of expected fees and costs. If your client can't or won't provide this advance fee deposit, understand that you may end up working for free. An evergreen (or replenishing) deposit helps you get paid. Place the advance fee deposit into your IOLTA (Interest on Lawyers Trust Account) as usual, but bill every month for fees and costs incurred. Tell the client when payment is due (e.g., ten days after receipt of your bill). If payment is not received timely, pay yourself from the trust account. When the client's check finally arrives, deposit it into the trust account to return the balance to its original level. Near the end of the matter, send bills with the notation "Do Not Pay" and, instead, use the funds in the client's trust account. At the conclusion, the client either receives any remaining funds on deposit or owes you a final payment for unpaid fees and costs. This system is a great way to ensure full and timely payment every month. When in doubt, say "no." You can't afford to work for free, and you aren't serving your potential clients' best interests by helping them incur huge debts they can't afford. Refer them to a legal clinic or a low-bono attorney and make room for a client who can pay your fees.