Everything you do does not need to be serious. One of the things I do for relaxation is to read a Stuart Woods novel. I've read every one of his more than 80 books. They are all nonsense, nutsy and partially make-believe, but they're quick reads and I can't put them down. I just started rereading them from the beginning. Also, a stupid project. Lately I haven't liked the new fiction from my favorite authors and rather than struggle through them, I decided to reread books I really like that I read a couple or three decades ago.
I just finished rereading New York Dead, the first Stone Barrington book written by Stuart Woods. Barrington was 38 in this 1991 novel. In the most recent book, published posthumously, Stone is still 38, but his son is now at least in his late 20s. I told you this was nutsy. (Stay with me because I will write about how to tell clients about fees and what to do to become a partner.) A quick summary is that Stone is a former New York City cop who was booted off the force by being given a disability pension, which provides 75% of his highest salary tax-free for the rest of his life.
He previously graduated from law school but never took the bar exam, deciding to become one of New York's Finest over a 14-year career. He meets by chance an old law school buddy who offers him a position as "of counsel" if he sets up his own law firm. He will be given an annual retainer of $75,000 against a billable rate of $125 an hour (this was in 1991, so it would be higher in today's terms).
Stone asks about the managing partner's billable rate and is told $250 to $350, depending on the situation. He reminds Stone that he's been with the firm 12 years and a partner for eight of those years. Stone is told if the situation works out, he could eventually become a partner sometime in the future. There are no guarantees, but if he works his ass off for the firm, shows he can bring in business and make his clients trust him, then a partnership is almost inevitable. (Comment: Nothing is said about being a great attorney, but that might be implied.) Stone accepts the position.
Almost immediately Stone is awakened by a call from a prospective client who has been arrested and asks if Stone could represent him right away in night court. Stone tells him his fee would be $1,000 and then afterward they could discuss a further retainer if the client wants Stone to continue to represent him. Stone gets the client quickly released and tells him that if he wants Stone to continue to represent him, the fee would be $10,000, which would include last night's appearance. If they have to go to trial, then Stone would represent him on the basis of $200 an hour, with a guaranteed minimum of $25,000, which would include the previous fees.
The fee would be completely payable in advance, as is customary with criminal cases. Stone also tells the client he's welcome to find another attorney who might do it for less and is free to retain anyone he wants. At the moment, all he'll owe Stone is $1,000. The client says that's acceptable and writes out a check for $10,000 right then and there. A day later Stone meets with the assistant district attorney, talks her out of pressing charges, and the case is dismissed.
The point here is not as much the details of Stone's involvement, but the care and the clarity with which he determines the fee and states what it would be and how it's to be paid. Stone is a lawyer, but accountants have the same situations with clients. Reading about this in a novel rather than in a practice management book might bring it home in a more interesting way to show how things should be done.
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