How much does it cost to draft a legal document?
So, you need a legal document drafted.
If you are like most people, the first question you had once you discovered this need was:
“How much is this going to cost me?” “What are the document preparation fees?”
Given the reputation lawyers have for charging steep prices, this is a reasonable question to ask.
Let’s take a look at the cost of drafting a contract and all of the preparation fees.
There Is No Set Preparation Fee
The first thing to keep in mind is that there isn’t an off-the-shelf flat fee contract drafting price—not by page, by word, or by document type.
If you don’t believe us, feel free to visit the Lawyerist to see how many ways law firms charge.
You could easily consult with ten different contract lawyers for the same project and get ten different preparation fees.
This might sound overwhelming, but don’t let it intimidate you. Just go into the process with an open mind.
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Factors That Determine the Cost of Drafting a Contract
The reason there is such variance in pricing is that many factors determine the cost of a contract lawyer, from where they got their degree to any overhead they might have.
Contract attorneys are free to set their prices in many cases, or their firms do it for them. Some factors that can play into the cost of drafting a contract include:
- Consultation Fee: Many lawyers will charge for the consultation. In some cases, this is their standard hourly rate, while others may set a special flat fee. Others still offer consults for free.
- Experience: The more experience a contract lawyer has, the better they are at their job. But those years don’t come for free. More experienced lawyers generally charge higher fees.
- Complexity: If your document is something simple and straightforward, you can expect the costs to be lower than if it is highly complex and difficult to draft.
- Communication: If your contract lawyer has to go back and forth with you to clarify elements and get your feedback, you can expect this to increase the cost.
- Revision: If you get the document and decide there are changes you would like to have made, this will likely increase the overall cost of the document.
- Location: Contract lawyers in major metropolitan areas tend to charge more than those in rural and suburban settings. Even the building they are in can impact cost.
- Firm: If the lawyer works for a firm, that will impact the bottom line. Firms often set prices based on their collective experience, overhead, and prestige.
Keeping Costs Down
Hearing all of this, it might sound like you should expect having a legal document drafted to break the bank.
But that isn’t necessarily the case.
There are some things you can do to keep preparation fees down. These include:
- Looking for contract lawyers that offer free consultations
- Outlining the document in advance, so it is clear to the preparer what you are looking for, reducing the back and forth
- Selecting a lawyer offering flat fee contract drafting rather than an hourly rate
- Looking outside of big cities for a contract attorney
- Choosing a lawyer who isn’t with a firm
Keep Preparation Fees Low with ContractsCounsel
Make the search easier by connecting with a contract lawyer near you through ContractsCounsel.com.
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