What is the purpose of the engagement letter?
The engagement letter outlines the scope of our relationship—both what we will deliver and how we will communicate with you, and what we will need from you to do that.
What is the retainer fee?
A retainer fee is simply the name of a deposit made on future legal services—much like what a contractor, painter or landscaper might require before beginning work for a home project. There are a few aspects that are unique to the practice of law, though. Retainer fees are held in “trust” until they are earned—that is, the retainer fee is placed in a special trust account and transferred out to a firms operating account only after the fees are earned. If a project is terminated before the fees in the trust account are earned, those unearned fees are returned to the client.
What is “value-delivered billing”?
“Value-delivered billing” is our approach to matching the value to the client of any step in the engagement to the corresponding cost—regardless of who on the team provides that step or increment of analysis. In some instances, we use third-party consultants and research assistants for certain aspects of an analysis, and we only bill you for that cost and our cost in reviewing and integrating that analysis into the bigger picture. In other instances, we simply bill at different rates depending on whether you are receiving the benefit of a senior, specialized attorney; a senior attorney; a paralegal; or an admin.
What are the different ways Headland Law & Strategy bills?
Billing within the legal services industry is evolving. We tailor the scope of our service to the value our clients place on that service. We can bill by "procedure" or task, we can bill hourly, or we can offer you a “subscription” to enable you to access our team for regular support in whatever area you need. We will generally recommend a model that would be most cost-effective for you, given your unique situation; but we are always open to a discussion about your billing model preferences.
Can you tailor your approach to my style and experience?
Yes. We work with each client in a manner that honors his or her unique style and that aggressively and cost-effectively drives innovation forward. Some of our clients are hands-on and have been through the drill before. These clients may have us handle very specific discrete tasks—like preparing and filing an initial patent application and drafting and negotiating a development agreement with an engineering firm. Other clients are newer to the process and appreciate our ability to both handle the legal work and coordinate many different quasi-legal and non-legal tasks across a network of suppliers and consultants to accelerate the early stages of feasibility and development.