One of the main reasons for setting up Purewal & Partners was to get away from the restrictions of the traditional law firm hourly rate model, which we think can misalign the interests of advisors and their clients. Instead, we've spent a lot of time thinking about how we can help our clients to solve problems efficiently using business models that reward us for being efficient (not simply based on how long the work takes us).
So for us, simple and aligned pricing models are the norm with us, not the exception. We can offer:
1. Fixed project fees. Legal and business advice doesn't need to be different to any other service: we give you a quote which we both agree and which we then stand by. If we get it right, we both benefit. If we get it wrong, you don't lose out.
2. Success fees. We can be even more flexible in some situations. For example, we may be able to offer deferred fees (i.e. nothing to pay now) until a deal or matter completes, then we charge our fees plus an agreed success fee on top. Or we might simply agree with you to pay us what you think is reasonable (the humble bundle approach, if you will). The better we know each other, the more this kind of thing can work.
3. Monthly retainers. For longer term relationships, we can agree with you to handle all of the legal work in a given area for a monthly fee, which we can flex up or down with you as the work ebbs and flows.
4. Participation In the right situation and for the right client, we may offer business advisory services as part of a revenue share or equity participation arrangement.
5. Hourly pricing. We appreciate that there are situations (like litigation) where hourly rates might be necessary. If that happens, we'll talk through with you before charging you anything about how our fees will work and even then we will try to work as efficiently as possible. In any event, it's worth knowing our hourly rates are at a considerable discount to big law firm rates (and we should know - we used to work there!)