Attorneys don’t come cheap. More often than not, there can be a considerable expense in hiring an attorney or lawyer.
To be clear, there is no straightforward number or pricing to decide how much an attorney will charge for their services. Established attorneys usually charge a significant sum, though others might charge lower.
The cost of hiring an attorney can also depend on the type of billing. In most situations, an hourly billing system is utilized by attorneys. They’ll have an amount they charge per hour, and then bill their client based on the time spent for the client’s legal needs.
In an hourly arrangement, lawyers often break up their time in smaller increments. Most lawyers prefer utilizing six-minute increments for their time, thus breaking the hour into 10 segments. This makes it easier to track time and the fee involved.
An attorney or lawyer might also charge a flat fee for some work. This is usually the price for a specific service or batch of services. Flat fees are usually charged for simple tasks with a clear scope of work. This is usually employed for form-based matters.
Finally, there’s the contingency-based representation by an attorney. This means that the attorney’s fee is dependent (or contingent) on the outcome of the case. The client only pays the attorney when the desired verdict is reached.
A contingency fee might be applicable to several scenarios, but is forbidden for a few types of cases, including criminal defense.
This type of fee structure is fairly common for cases where monetary settlements might be involved. In such a setup, the attorney receives payment only if their client receives money as a result of the legal services.
This involves instances where there’s an out-of-court settlement where the client receives compensation, or if the client wins a lawsuit and is awarded monetary compensation by the court.
While the exact amount can vary, most attorneys charge 25-40% of the monetary compensation received by their client. Of course, this amount is usually agreed upon in advance by the client and the attorney.
Let’s consider a general scenario – one that involves statistics and averages. The average hourly fee for attorneys is reported to be $313 per hour in the USA, in 2022, according to a Clio report.
Another report by Statista sees different numbers for fees charged by lawyers and attorneys. It sees the average hourly rates for lawyers in the USA for 2022 at $269. On that note, the average attorney hourly fee in the state of Oklahoma for 2022 was $230 per hour.