Commercial real estate clients regularly complain about legal bills, both because they think the hourly rate is too high and they say the work took too many hours. It’s a compelling demonstration of the incredible power of multiplication.
To save money, clients can put certain types of work out to bid and then hire the lowest bidder. That often doesn’t end well. Instead, a client might prefer to hire the best counsel for the job regardless of hourly rate, then try to manage the legal time and the bill. Here are a dozen suggestions .
Make Your Business Deal First. Agree on the business deal before involving counsel. That usually means creating a nonbinding term sheet to cover the important bases: economic terms and anything else (not totally “standard”) that is important