Success Fees

March 17, 2023

by a searcher in Orlando, FL, USA

Anyone has had success on engaging with attorney firms for them to agree on working for success fees? I had to interact with many attorney firms in order to find few ones who knew and might be interested of talking about it.

Cheers for Founders Working on Closings ⭐️!

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Reply by a professional
from Villanova University in West Chester, PA, USA

Hi ^redacted‌! We structure our legal fees a bit differently than most. We offer hourly fees or a flat rate for a transaction. For flat rates, they are broken into milestones, so the deal only costs as much as it progresses along a deal timeline and we provide savings on future deals if a deal falls through since there is less work that we need to do on future deals since we'll have worked through a lot of preliminary work that usually can be applied in some way to a future transaction. So, it's not a success fee which I agree with the comments above doesn't align well with an attorney'd role, but it does address the concern of costs of deals that may not get to the finish line. I'd be happy to discuss this further.

Reply by a searcher
from Lewis and Clark College in Portland, OR, USA

It's pretty rare from my experience. Not to say this is a bad way to go, but I would consider how this aligns with what you are hiring the lawyer to do. That is, a lawyer is there to help reduce and mitigate your risk, but if they are incentivized to close, then this doesn't exactly align you with the lawyer's ultimate task. While hourly fees also have their issues, I might look to attorneys that bill hourly but cap their fees. Best of luck in your search and finding the right attorney for you.

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