Legal fees have always been expensive, and many of us often question why it costs so much to get a simple legal document drawn up. Why does it cost so much to get divorced? How can simple legal help run up a bill of over 10 thousand dollars? Well, we asked some well-paid and respected lawyers why their services cost so much. They told us that the reason they charge so highly for their services is due to the cost and time they themselves have invested in their education. The cost for obtaining these qualifications, they said, can be astronomical. But on the other side of the coin, those using a lawyer can benefit from a payout, for example if they are part of a class action lawsuit.
Well, we asked some well-paid and respected lawyers why their services cost so much. They told us that the reason they charge so highly for their services is due to the cost and time they themselves have invested in their education. The cost for obtaining these qualifications, they said, can be astronomical.
After we did some research, we have to agree with them. Gaining the qualifications to practice law can see some students putting themselves into nearly 200 thousand dollars in debt.
Aside from the cost of their education, practicing law is an extremely volatile profession. After passing the bar, lawyers have to spend vast amounts of time and effort keeping up to date with the myriad of changing laws every year. A lawyer who has passed the bar will still be striving to better his understanding of past cases and precedents for the rest of his career.
There are other factors to consider when understanding why legal fees can cost so much, as well. When it comes to legal aid, every case is different. That means that no two cases a lawyer ever takes on is the same. Every case is going to require new research and plans drawn up.
You might even expect that lawyers make mostly profits when it comes to their rates. But often lawyers don’t even make 50% profits from their fees. With things like indemnity insurance, admin staff, telephone staff, the cost of being part of a range of law organizations, and the cost of the building they practice in, a large percentage of your fees go on maintaining the business.
Just like in any profession, the more experienced your lawyer is, the more you are going to have to pay. Some people complain about this, but you get what you pay for. If you need serious legal help or aid, the cost of hiring a good lawyer is almost always less than what losing the case would cost you.
If you are looking for a lawyer, the chances are, the stakes are high. Why would you risk losing your case over choosing a lower-priced, less experienced lawyer, we wouldn’t.
We all agree that the cost of obtaining legal help can be very high. However, when you look at the picture overall, lawyers are just the same as any other high paying profession. They have spent a lot of time and money getting to the position they are in now. You are relying on the fact that they have had their 200 thousand dollar education, you are relying on them having a good amount of experience. And at the end of the day, you are going to have to pay for their time and efforts. If your reason for needing a lawyer is an important one, you should not complain over their costs, if they can get you the results you need.
This is a collaborative post. All views and text are my own.