Professionals' fees

OMG ! Solicitors ! When I divorced my first husband , my solicitor used to send me 3 or 4 letters PER DAY! I got a bill for the running total after a couple of months of his ‘services’ and it ran into hundreds of pounds - just for letters ! One letter was to ask me why I hadn’t yet replied to the letter that he’s sent ON THE SAME DAY ! My new solicitor said that it was a way of making extra revenue for some of the profession. Thankfully he wasn’t one of them and became the solicitor for all the family for many years.

So many clients/customers will not take on board how much work is done in the background. My OH has been designing a new project for over a year now. It has to be done whilst still making a living which is very difficult - researching materials and tooling, writing programmes etc all after a days work. He has never been able to charge a decent hourly rate because people just will not pay this for a craftsman. He does it because he is the best and cannot work with/for other people but he would probably be better off as a Tesco driver!

“If You Think It's Expensive To Hire A Professional To Do The Job, Wait Until You Hire An Amateur.” - Red Adair

I’m an Independent Financial Adviser and I’m currently inundated with new clients and referrals from accountants, solicitors and other legal/financial professionals. I also get numerous enquiries from clients of other financial advisers, including other IFAs.

I explain that there are no fees or charges until the client(s) and I have agreed the course of action and set the fee upfront, including how the fee will be paid.

My hourly rate, which I rarely use as the basis for an invoice, is £495 per hour which might sound expensive, however, I don’t lose clients and have never received a complaint about my service or the products/portfolios I recommend and monitor.

There are thousands of funds and hundreds of providers I can use so I spend time researching the correct solution for a client before putting everything in writing, getting it checked by the compliance team, and presenting it to the client in a clear, east to understand, way that matches their needs.

I apply three ‘C’s when working with a client:
Complexity
Consequences
Can’t

If something is complex, there are consequences for a client if they get it wrong, or they simply can’t do it themselves, then they need an adviser.

If it’s simple, there are no consequences, and they can do it themselves, I show them what to do and don’t levy any fees.

No matter which professional or trade you’re working with, it’s worth applying the rules above if you think it’s something you can do yourself.

When I ran a shop , I often had to ask a customer how much per hour they paid their plumber or car mechanic when they objected to my charges for repairs. On the other hand - my charity box often took more than I did when I refused to charge for a simple repair.

Germanshepherdsmum

I don’t rate what is said about a solicitor on the firm’s website. They will always ‘big themselves up’. They will always sound wonderful. Personal recommendation is good provided the person has had the same sort of work done as you are needing. When I was looking for someone local to update our wills, not wanting to go back to my old firm in London, I found on looking at websites that the solicitors were so young and, therefore, inexperienced. I was also well aware that a small market town wouldn’t attract the calibre of lawyer that I was looking for. I was exceptionally lucky to find my sole practitioner who had moved from the City to Norfolk. My answer has to be that unless you find a gem like him, go to someone with a good educational background and at least ten years’ qualified (minimum) in an expensive firm. You really do get what you pay for.

Thanks. I just looked up the solicitor I used and he has moved on but it says he qualified in 2000 and has worked in both London and Norwich. It mentions a few big cases he worked on.

So it looks as though that ticks the boxes you recommend but I still found him pretty hopeless and expensive.

Germanshepherdsmum

I don’t rate what is said about a solicitor on the firm’s website. They will always ‘big themselves up’. They will always sound wonderful. Personal recommendation is good provided the person has had the same sort of work done as you are needing. When I was looking for someone local to update our wills, not wanting to go back to my old firm in London, I found on looking at websites that the solicitors were so young and, therefore, inexperienced. I was also well aware that a small market town wouldn’t attract the calibre of lawyer that I was looking for. I was exceptionally lucky to find my sole practitioner who had moved from the City to Norfolk. My answer has to be that unless you find a gem like him, go to someone with a good educational background and at least ten years’ qualified (minimum) in an expensive firm. You really do get what you pay for.

Agreed. You get what you pay for.

Frankly you can't fix your will after death. Pay for a correct will.

Our accountant’s fees increase each year too - because so do their overheads and the amount they expect to take home, like everyone else.

Our accountant's bills seem to increase quite a lot each year but I'm happy to pay as I worry that we won't fill in the tax forms properly. We do send all the paperwork to him as soon as we can in the tax year so all he really has to do is fill in the online forms - and his company has been doing it for us for so long that it probably really is "money for old rope".

Petra, that was shocking! IMO sharks like that should be struck off.

I don’t rate what is said about a solicitor on the firm’s website. They will always ‘big themselves up’. They will always sound wonderful. Personal recommendation is good provided the person has had the same sort of work done as you are needing. When I was looking for someone local to update our wills, not wanting to go back to my old firm in London, I found on looking at websites that the solicitors were so young and, therefore, inexperienced. I was also well aware that a small market town wouldn’t attract the calibre of lawyer that I was looking for. I was exceptionally lucky to find my sole practitioner who had moved from the City to Norfolk. My answer has to be that unless you find a gem like him, go to someone with a good educational background and at least ten years’ qualified (minimum) in an expensive firm. You really do get what you pay for.

germanshepherdsmum

How would you recommend people find a good solicitor? I have tried personal recommendation in the past but everyone’s experience is different.

If you read up on a person and they sound professional and experienced in the area you want, then once you engage them they fail to live up to your expectations, where does that leave you?

Smaller practices usually charge lower fees because their overheads are lower and they can’t attract high calibre professionals. It often seems like value for money until, maybe years later, a big mistake was made. Such things often come to light when selling a property …

They’re not more competitive than City practices because you’re comparing apples with oranges. I’m sure you would think my firm was flashy, but that’s what corporate clients want.

Defo shop around as you would for most things and compare price and service. I always feel the smaller practices give more value for money and are more competitive than the city or flashy practices… they’re not flashy for no reason

Fae1

Primrose 53 - same experience here! Solicitor charged £300 an hour, was clock watching the whole time I was there, and had a 'stop watch'. He hardly listened to my questions but when he did, he kept saying " I'll have to consult my colleagues on that as it's not my area of expertise". So why wasn't I meeting with his colleagues then - duh! I'd explained on the phone before the meeting why I needed his advice/ guidance Total rip off!

It’s so annoying and unprofessional Fael

I checked mine out beforehand and he was supposed to be an expert in his field and their website bigged him up so I put my trust in him. What else can you do?

Another solicitor we used a few years prior to this, sent me his bill. It was hefty so I went through it closely and he had charged me £75 for writing to me saying he couldn’t get me on the phone. He listed the number he had been ringing which was not the number I had given him. His mistake! Knocked that off his bill of course. 😉

If it is a matter that needs a solicitor, specialised knowledge etc, the fees are worth paying.
Some things such as LPA, probate etc can be done online, quite straightforward.
Have a look at the forms first and decide if you need to hire someone, after all the answers to the questions can only be given to the professionals by yourselves.
It is possible to save a fair amount.

I think some of the fees are quite high, I paid my solicitor £584 to arrange POA. It has taken months to arrange, I just got a letter from the office of public guardian yesterday telling me they would process the application within three weeks. I had the bill for it four months ago, twelve hours after seeing the solicitor.

ninamoore

I wouldn’t consider any professional service to be a sting. Best get professional advise than be stung by cowboys

You wouldnt consider any of them to ever consider overcharging??

Cossy

We use a large local solicitors, and have done for the last 10 or so years, my parents used them too. We’ve used them for Will writing, LPOA, probate, employment tribunal case and conveyancing. In all cases we have been extremely satisfied with their service and they’ve very upfront about fees, and in some cases we agreed a “package” price upfront. So in our case, no we’ve had no issues with both the service received nor fees.

I like the idea of a "package" price.

I think in future, we need to get a much clearer idea of prices to be charged, and time likely to be spent. etc.
And find out prices, year on year, before any work has actually started.

I wouldn’t consider any professional service to be a sting. Best get professional advise than be stung by cowboys

Primrose 53 - same experience here! Solicitor charged £300 an hour, was clock watching the whole time I was there, and had a 'stop watch'. He hardly listened to my questions but when he did, he kept saying " I'll have to consult my colleagues on that as it's not my area of expertise". So why wasn't I meeting with his colleagues then - duh! I'd explained on the phone before the meeting why I needed his advice/ guidance Total rip off!

I ask people what they charge before employing them to do anything for me.

You are entitled when looking for a craftsman of any kind to ask for three estimates from firms before deciding who to use.

Solictors, accountants, opticians, doctors, dentists if you are a private patient, or live somewhere where the state only covers part of the bill, ought to tell you their fees if you ask.

If the bill when rendered is in excess of what was agreed upon, or just seems large, you are entitled to request a specification of the charges and if you are not satisfied once you have read it, you could either pay the amount originally agreed upon, or take the matter to the sherrif court if you live in Scotland- sorry no idea what you do in England.

My parents used the age old adage of “you get what you pay for”. My friends son is a solicitor and highly trained and well paid. My son studied law at Uni, but this didn’t qualify him for anything in terms of legal practice, and he decided against continuing onto his LLP etc (big mistake in my book but his choice), because of the continued and continual study required. Good solicitors are worth their weight in gold, especially corporate solicitors.

We use a large local solicitors, and have done for the last 10 or so years, my parents used them too. We’ve used them for Will writing, LPOA, probate, employment tribunal case and conveyancing. In all cases we have been extremely satisfied with their service and they’ve very upfront about fees, and in some cases we agreed a “package” price upfront. So in our case, no we’ve had no issues with both the service received nor fees.

Germanshepherdsmum

No, not at all. The expense of indemnity insurance, practising certificates for all qualified solicitors, subscriptions to textbooks and compulsory continuing education is very high.

Oh I think they do gsm. Whatever trade or profession a person has they have to keep up to date, attend courses etc, gain additional qualifications and so on.

I was talking to a self employed plumber/heating engineer recently and he was telling me all about all the extras he has to pay for. In addition he has to buy a very expensive van that will not let him down, very expensive tools, welding equipment, handling equipment.

fancythat

£1k!!

Upwards of, yes. For commercial clients, big deals, specialist work. Big City firm. I didn’t work for private individuals other than, occasionally, directors of commercial clients.