But it's not me whose father just died etc. If it was me, I wouldn't sign it without at the very least getting a quote from someone else. Why should the lawyer's compensation for that work range from $20,000 to $100,000?įinally, $25,000 seems high. The same amount of work will be done whether the houses appraise at $2 million or $10 million. If the lawyer is willing to work for a flat fee of $25,000, why can't that just be the price? Why should it be subject to revision? Lawyer will be the one hiring the appraiser, so there is incentive to boost the value.īasically I feel like this agreement is an attempt to bamboozle clients with contradictory language: a flat fee that isn't flat, a retainer that isn't a retainer. But a true retainer becomes the lawyer's property upon payment.
Is this fee an advance payment for specific legal services? Then it's a sum to be held in client trust account and billed against as service is actually performed, and a balance would be refunded if work was completed in less time than expected (LOL).
Alternatively, an installment plan can be negotiated with 50% down payment."įirst, I'm troubled by the fact that the lawyer either doesn't know what a retainer is (a "true retainer") or is intentionally trying to muddy the water. The fee is due upon execution of this agreement, but under some circumstances, the fee can be paid from escrow, upon the sale of real property. Thus, based on the estimated value the flat fee is $25,000, plus any actual and administrative costs. "Our retainer for Trust Administration is a flat fee of 1% of the value of the Trust assets, which in this case is currently an estimated $2,500,000 but will be adjusted following appraisal of all real and personal property. I would like to know if the agreement passes the smell test of trust/estate attorneys, because it fails my smell test but perhaps my nose is overly sensitive. The first attorney she met with sent her home with a fee agreement. She needs an attorney to advise her of her duties and attend to them on her behalf. A friend is successor trustee after the recent death of her father.
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