Six Compelling Reasons Why a Contingent Firm Should Track Time
Reblogged from Oregon Law Practice Management.
Today we’re sharing a great post from the Oregon Law Practice Management blog: Six Compelling Reasons Why a Contingent Firm Should Track Time. Washington lawyers, be sure to review the Washington RPCs.
Contingent fees are appealing in part because many lawyers believe that charging a percentage of the client’s recovery frees them from tracking time. True: you are not rendering a detailed hourly billing each month to your client. But before you brush aside the necessity of tracking your time entirely, please consider the following:
Defending Your Fee
1. If the client challenges your fee as excessive under Oregon RPC 1.5, tracked time will prove the effort you have put into the case.
2. If the client fires you and hires someone else, you are entitled to a portion of the settlement or judgment collected by the new firm. With time records, it will be much easier to apportion fees.
3. If a lawyer in the firm leaves your office, taking a contingent fee client, tracked time will help resolve the fee allocation between you and the departing lawyer.
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