We are thrilled to confirm that Cobb Law Group’s rates are among the most competitive in the nation! In the September 2014 edition of the ABA Journal (the official journal of the American Bar Association), reveals the national averages of attorneys’ hourly rate.
At large law firms (those with 400 or more attorneys), senior partners charge an average of $724 per hour! At smaller firms, senior partners bill an average of $445 per hour. Since we are a small firm offering “big firm” services, our clients will be pleased to learn that we are significantly lower than the $445 average rate for a firm our size, and we are nowhere near the costs associated with hiring a large law firm.
The poll, also include the typical rates for “partner” and associates. The partner rates range from $385 to $581 per hour. We are pleased to say that even our “senior partner” rates are significantly lower than other, comparable firms “partner”rates! And the associate rates which range from $274 to $400 per hour are not even in our vocabulary. In other words, in every category, we offer much better rates than our peers.
We knew that we offered top-notch legal services at an exceptional value, but the report (issued by BTI Consulting Group) confirms this for us. One thing that the ABA Journal article did not discuss was the fees for those attorneys specializing in a particular area. Even thought this article did not mention this topic we are confident that firms which focus in particular areas and become know for their innovative work are able to charge more. Thus, our legal fees are likely even better if we could compare them side-by-side with a true competitor.
As our existing client pool understands, our firm is very unique: not only do we focus on our clients’ needs, but by limiting our practice to Georgia construction law, we are able to know and understand one area very well–we are not having to”reinvent-the-wheel”. In addition, we speak regularly at local, state and national continuing education events. That is why clients who hire us to draft their construction contracts, to file mechanics and materialmen’s liens to help them collect the money they are owed, to make payment bond claims or to handle a Miller Act claim find that we are able to assist them more quickly and with fewer problems because we spend so much of our time doing the same thing for other clients. All of this experience leads to lower over legal costs.
True, legal fees can be expensive, but the staff and lawyers at the Cobb Law Group are constantly striving to reduce our expenses and pass the savings on to our clients. Our employees are rewarded for innovative or streamlining procedures which can reduce workload and improve client satisfaction.
In addition to learning from our employees, we also welcome ideas from our clients and try to implement them to work more efficiently. For example, recently, a client wanted us to create a “form”demand letter to send to its past due customers; plus, they wanted us to produce a quick, but affordable alternative to a customized letter. We were able to create a unique letter for that client and offer the form at a reduced rate in exchange for a high-volume. We strive daily to offer the best services at the best rates. And, if you have any questions regarding our rates, please contact us today.
Proper business skills are an absolute necessity in today’s competitive economy, and the Cobb Law Group is frequently asked some of the essential characteristics of a well-run business. The principles which we espouse are true whether you are a start-up company or an established business seeking to improve your market share, image and professionalism.
Tip #1: Keep things separated: Georgia allows many different types of businesses including sole proprietorships, partnerships, limited partnerships, corporations, and limited liability companies. Regardless of the size of your business, we urge clients to form a distinct, legal entity for your business rather than operate as a sole proprietorship or a general partnership. A Georgia corporation (perhaps an S-corporation) or a Georgia limited liability company (“LLC”) are generally great options. There are many reasons why we recommend forming a corporation or LLC, some of the most important reasons include:
- limited professional liability
- limited personal liability
- tax advantages
Again, keep your business entity and your personal life distinct. If you do not separate your personal finances from your business finances, you could become personally liable for your business debts!
Some clients are afraid that the costs to form the new business are too expensive. The Cobb Law Group offers Georgia incorporation packages and Georgia LLC formations online through our virtual law firm at very affordable rates. Click here for more information.
Tip #2: Open professional bank accounts: Most businesses need a minimum of two business accounts–an operating account and a payroll account. By separating these two accounts, you’ll help make sure that your tax obligations are met.
Tip #3: Run your business like a business: There are innumerable tools online, in books, and magazines that help your business grow; take the time to read and understand basic management, accounting, and marketing concepts. Then, perhaps most importantly, IMPLEMENT these principles. Do not take short cuts; consult with your lawyer to draft or review your business contracts, make certain that your invoices contain the proper terms, professionally print your materials and make certain that your customer and you sign the proper documentation; if the contract changes, invest the time to obtain and sign a written change-order. Send your invoices in a regular and timely fashion. Finally, and this is important: discuss your own compensation with your tax advisor as the method or payment you receive from your own business may have different tax consequences.
This is a general information article and should not be construed as legal advice or a legal opinion. The content above has been edited for conciseness and additional relevant points are omitted for space constraints. Readers are encouraged to seek counsel from a construction lawyer for advice on a particular circumstance.