How to Vet a Real Estate Attorney
So, it finally happened. You’ve been investing for a while or run into an unusual situation and you find yourself in the middle of a dispute. You think to yourself, “maybe I should call a lawyer,” but don’t know where to start.
Here are some quick tips to find a good match and make the process a little less painful.
Shop Around
First, just know this: there are A LOT of lawyers out there. A lot. And they’re not all created equal. Some are happy to take your hard earned money and leave you no better than they found you.
Ask for recommendations from trusted peers, mentors, and colleagues. Using your uncle who practices intellectual property law for your real estate dispute could be devastating. Start with attorneys your peers have actually used and were happy working with - not just attorneys they have heard of or seen on TV.
Like any major financial decision (after all, lawsuits can last years and costs tens of thousands of dollars and up), it’s prudent to do some price comparisons. It’s worthwhile to know what the attorney charges as their hourly billing rate, and if this is the same for all attorneys at the firm. Many attorneys with more experience will charge more.
Interview Your Short List
You made your list and checked it twice - now it’s time to call some attorneys. Likely, some on that list will never take or return your call. But for the ones you do get some phone time with, be sure to ask them some specifics about the work they do.
Examples include:
How many open cases are you working on?
When is the last time you worked on a case like mine?
What percentage of your practice is this type of law?
What is your hourly billing rate? What retainer will I need to pay up front?
How long do you expect a case like mine to last?
What should I expect to spend for this?
While it may be tempting to get into the nitty-gritty details of your case on this 1st phone call, try to keep it short and schedule a follow-up. If you feel like you’re being sold, listen to your gut. This first phone call is to give you answers to some of your important questions above, and give you an idea of how this attorney interacts with others. It’s a gut check - is this someone I trust with my important matters, and do I think I can work with them for the next weeks, months, or even years? Hiring an attorney, firing an attorney, then finding a new attorney can be a painful and expensive lesson. Listen to that gut!
Know Thyself
Using your answers to the above questions, your gut, and how you like to do business, narrow down your choices. What if you don’t know how you like to do business? What if this is the first “business” you’ve ever done?
Consider how often you expect updates, how involved you plan (or want) to be in your case, and whether you are comfortable with your attorney mostly handling things for you or if you want to understand each and every piece of what’s happening.
Compare how you’d like to do business with the attorney’s billable rate, experience, and caseload. Does it seem like a fair deal? Does it feel like a good fit? If not, it may be worthwhile to continue your search, especially if you have a big case at hand.
Sign a Representation Letter & Pay Your Retainer
Once you’ve decided on the right attorney, they will likely ask you to sign a scope of representation letter, making their representation of you (or your business) in legal matters (or a specific legal matter) official. This letter often goes hand in hand with a retainer payment.
A retainer is funds held in a special escrow account that the attorney collects up front to start working on your case. It is similar to a deposit, but as the attorney bills for work they collect the fees from your retainer, usually monthly. Some firms will want you to replenish your retainer monthly. Others will allow your case or matter to continue with your prompt monthly payment of the bill.
Disclaimer: The information contained in this article is not legal advice, but for general information and marketing purposes. Nothing contained in this article is intended as a substitute for legal advice nor does it create an attorney-client relationship.
Taylor Anderson is not a licensed attorney or licensed to practice law. All opinions expressed herein are her own.