The reason that I periodically review my personal experiences in business/legal issues is because most of us are raised and (mis)educated to be financially and legally ignorant.
The only way to overcome that ignorance is to gain increased awareness of the nuances and strategies in effective business/legal decision-making.
Today I reviewed a contract for specialty legal services from a firm referred to me by my favorite and most trusted firm that I use for general purposes.
I had a call with the attorney last week for about 35 minutes to discuss the scope of the work, which is clearly defined, specific to the United States, currently limited to 4 tasks, but will clearly increase in the future; each of the tasks is clearly defined and reasonably “routine.”
In looking at the contract today, I noticed the following five components, directly quoted from the contract.
“Our current standard billing rates for those paralegals and attorneys which we anticipate will be handling work on behalf of [your company] range from $400 to $1,500 an hour.
“Please review the Terms of Engagement, with the assistance of independent counsel if you wish...
“If all the terms are satisfactory, please indicate your consent by signing this letter and returning it to me. However, your continuing instructions in this matter will amount to your acceptance of the terms of this letter, including the Terms of Engagement (collectively, the “Terms”).
“We are affiliated with [our affiliate office] in London, England, and if we obtain advice or services on your behalf from that firm, we will include their time and expenses on our bill.
No mention of the scope of defined work that we discussed in the phone conversation.
Should I sign this contract?
See video above for my nuanced interpretation and delicate affirmation or rebuttal.
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