How to Keep Legal Fees on Budget

Two women discussing legal fees and budget

From big-law-on-retainer to in-house counsel, it can be quite expensive for companies to protect their interests. Hiring one attorney, be it as an employee or through an outside provider, can help cover your interests, so long as you have the budget — a challenge for many businesses concerned about a pending recession

But, in today’s economically turbulent era, organizations can’t afford to compromise when it comes to quality legal support. A fixed-fee law firm might be your ideal solution for businesses evaluating their options if you’re trying to keep your costs low but still maintain adequate legal coverage. 

Avoiding the hidden costs of an in-house hire

Many growth companies have in-house legal teams or at least one attorney on staff. But sometimes, these professionals cannot address all an organization’s needs. Hiring additional in-house counsel can add up quickly, especially when you examine the expenses associated with onboarding and technology training. On top of ramp-up time, these costs carry over if you have to augment your FTE legal coverage with a vanity solution to address concerns outside of your in-house expertise. 

If you need additional support, you can skip the spend of onboarding and quickly assist your general counsel or CFO with a concierge legal service that has a deep bench of experience and is already proficient in most of the technologies in the market. As an additional benefit, once your organization is ready with a clear business case, it’s easier to take on an in-house hire as well as provide a clear success path for their career.

How can your business beat the legal team burnout blues?

Today’s workforce is experiencing burnout like never before, and legal has not escaped its clutch. With many jumping on the trend to take a break or change career direction, hiring a full-time legal professional can be a challenging move for legal departments. A concierge law firm can provide a proactive solution for this.

Fixed-fee legal support can help you maintain adequate coverage and onboard confidently when you need to move fast. Further, a concierge firm can help alleviate the burden on your in-house general counsel much more effectively than big law and will bring with them best practices from other growth companies. Staff augmentation services cannot develop the long-term trusted relationships a concierge firm will invest in, and the concierge model provides you with a full team to plug into projects to protect your workforce proactively.

Gain a full bench of legal support — on every project

Experience typically equates to a hefty price tag, which, if you’ve considered adding a full-time general counsel or other senior legal professionals to your payroll, you’re likely well aware. And then, you only have the experience of that one new employee. Instead, going the fixed-fee concierge route enables businesses to access a full team fully versed in varied specialties while only paying a set amount per project.

With modCounsel, you can access our full suite of legal providers while only paying for the service you need — and each member of our bench has a minimum of 10 years of experience in big law and in-house. From privacy to contracts, to legal operations and employment, we provide a turnkey in-house legal team attuned to each unique company’s needs.

Ready to learn more about how a fixed-fee law firm can help protect your company from legal risk?

Businesses deserve an effective and affordable solution for legal support, with legal professionals incentivized to work with you to make an impact — fixed-fee models like ours demand this. 

Whether you need more coverage, better support, or one-off legal services, modCounsel can help ensure your business has the protection it needs without sacrificing quality or paying for services you don’t need.

For companies evaluating your coverage choices, we’ve taken a deeper dive into available options on the market. To explore how a concierge firm can work with your company — and budget — check out our whitepaper, A growth company guide to managed legal services.

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