Five Signs Your Overspending on Legal Work

Here are five signs you are overspending on IP.

1) There is no cap on legal fees on any of the work products.

2) You are getting charged hourly for each document.

3) You are getting charged weekly, monthly, or annually.

4) There is no writing or agreement specifying what will be charged and how.

5) You don't have time to review legal invoices or bills.

We dig deeper into these issues to better understand why this occurs and our solutions.

1) If there is no cap on legal fees on any of the work products: There may be several reasons why there are no caps on legal fees, but one common one is that lawyers don't like them. Why? Because it takes away their freedom to charge based on their time, which is the traditional way of billing clients. The smarter approach is to apply caps on legal fees to avoid overcharging on work products.

2) If you are getting charged hourly: This is how lawyers make more money from their clients. They can justify more time necessary to get the work done based on complexity, challenges, etc., all of which can be used to justify why your bills are so high. You need a framework avoiding the hourly billing.

3) If you are getting charged weekly, monthly, or annually: This often happens to business owners who are super busy, so basically everyone. You will not be able to spend time reviewing all the bills because your time is more valuable on growing the business. With this, lawyers will simply do less work products in the timeframe to make more money. So, you need a different framework that will not allow this to happen.

4) If there is no writing or agreement specifying what will be charged and how: This will often lead to work getting done hourly or over a certain time period, which you need to avoid. You need a framework that is part of the engagement agreement that avoids hourly billing and avoids getting charged over a given period of time.

5) If you don't have time to review invoices or bills: You are basically like every business owner or entrepreneur being laser-focused on the business. You need the right framework to eliminate the need to review your legal bills, giving you your time back to focus on the business growth.

Email Services@infinip.com and schedule a free consultation.