Monday, April 23, 2007
Caution to Experts Who Discount Their Fees
In our recent discussion about collecting fees owed from attorneys, several experts reported instances in which they ultimately accepted a percentage of what they were owed to get at least SOMETHING. In a recent blog post, "Contingent-fee experts?" at PointOfLaw.com, attorney Ted Frank explains why this might not be a good idea.
The key to avoiding getting into this situation is to work, as much as possible, against money already paid, whether called retainer or pre-payment for expected time in deposition or court. We have horror stories, such as an expert canceling appointments and flying across the country, whereupon the case settled and he was paid nothing, "because he didn't testify." So for an expert to be asked to reduce his already earned and owed fees does not, unfortunately, surprise us.
Don't let yourself get into a situation where you feel you have to discount your fees.