Ways to Save Money on Attorney’s Fees

Technology allows law firms to automate more and more functions, giving clients the bargaining power to negotiate fees in more and more situations. Pressure on firms to become more efficient is leading to more specialized firms that charge less than the jack-of-all-trades firms. For example, a GST tax expert will charge a premium rate, but will handle your issue so fast that you come out ahead anyways.

In the estate planning area, many tasks can be done by a paralegal or even yourself including filing life insurance claims, getting property appraised, and filing claims for Social Security survivor’s benefits. Discuss with your attorney what needs to be done, and separate the tasks. However, there are some tasks that should be done by a trained attorney. For example, rules regarding retitling and transferring retirement assets are complex, and one mistake could eradicate valuable tax benefits.

See Deborah L. Jacobs, For Legal Fees, It’s More of a Buyer’s Market, N.Y. Times, Oct. 21, 2010.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.