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 Paperwork Fees

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mr.scissorkick
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Joined: 03 Feb 2009
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PostPosted: Thu Apr 16, 2009 7:23 pm Reply with quoteBack to top

I have never in my life had to actually pay a fee to get simple paperwork. Does this actually go on in real life transactions?

A lad told me this today:
Quote:
I just finished with my attorney couple of hours ago,i am to pay him $60,000 for the paper work.


I know attorneys are fond of gouging, but what makes a lad think they can throw down such astronomical figures?

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Captain Pike
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PostPosted: Thu Apr 16, 2009 7:26 pm Reply with quoteBack to top

He's doing that so that you will send him the money that he asks for.

You're in for a "look, I paid $60,000 out of my own pocket for this; why can't you send me $2500?" guilt trip.

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Craig007
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PostPosted: Thu Apr 16, 2009 7:26 pm Reply with quoteBack to top

You do have to spend a lot of money on paperwork, but nothing in that league!

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Knid
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Joined: 09 Apr 2009
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PostPosted: Thu Apr 16, 2009 7:59 pm Reply with quoteBack to top

Who is his attorney Johnnie Cochran?

Maybe it can be termed the Guymen Inflation Theory. Which is mostly driven by a lack of understanding of the Western economy.
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TheLovelyJill
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Joined: 18 Jan 2009
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PostPosted: Thu Apr 16, 2009 8:20 pm Reply with quoteBack to top

IRL depends what it is, of course.

Normally lawyers will charge an hourly rate for any work, if the matteris scoped in that way. Or we will charge a fixed or capped fee for a particular transaction. And these will vary totally depending on the service offered (ie an M&A transaction will be priced differently to a property litigation matter).

If one of my fee earners were charging £60k for a couple of bits of paper, we'd be into budget control issues.

-- mods feel free to remove if too lad-educational Smile

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mr.scissorkick
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PostPosted: Thu Apr 16, 2009 8:56 pm Reply with quoteBack to top

@ Captain: I know why he's doing it, I just don't know why he thinks it's logical.

@ Jill: That's the way I figured it worked; hourly charges make sense to me. $60k for Patrick Chan to get an account change document or whatever is beyond ludicrous. It's hard not to educate these clowns. At the same time it's so easy to de-educate them, so it's all good.

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shmike
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PostPosted: Thu Apr 16, 2009 10:10 pm Reply with quoteBack to top

Craig007 wrote:
You do have to spend a lot of money on paperwork, but nothing in that league!


Depends what kind of paperwork, some documents in corporate law could cost millions to put together.
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TheLovelyJill
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PostPosted: Thu Apr 16, 2009 10:25 pm Reply with quoteBack to top

Quote:
Depends what kind of paperwork, some documents in corporate law could cost millions to put together.


No the documents don't cost millions, the size of the transaction including funding may "cost millions" but rarely the fees in themselves.

_________________
FUCK YOU LYN3TTE OR WHOEVER. ASSHOLE - A Cole
YOU ARE MAD. I AM SURE. - Willi4m Du7u
She has been waiting [at the airport] for you for hours and is very afraid - Edw4rd C0le's Madrid lad.
Your father was a coward and your mother a fagot - Barr G0ldsmith
You be jail soon let wait and see........ P0ntus
I no longer want to involve you in this transaction since I am beginning to see your cunny part.
i wasn't fucking gay until i married you - MM

- Trafalgar Square 2013
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UbuntuKid
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PostPosted: Thu Apr 16, 2009 10:31 pm Reply with quoteBack to top

Tell him your (cousin / significant other / friend / neighbor) is a lawyer, and that they're willing to do the paperwork at a significantly reduced rate.

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shmike
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PostPosted: Thu Apr 16, 2009 10:43 pm Reply with quoteBack to top

TheLovelyJill wrote:
Quote:
Depends what kind of paperwork, some documents in corporate law could cost millions to put together.


No the documents don't cost millions, the size of the transaction including funding may "cost millions" but rarely the fees in themselves.


Wrong. Look into the costs of writing a prospectus for a large multi-national for example.
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bohigal
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Joined: 01 Aug 2007
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PostPosted: Thu Apr 16, 2009 10:50 pm Reply with quoteBack to top

De-education? Tell him you're thrilled at how cheaply he can get the work done.
shmike wrote:
prospectus for a large multi-national for example
Good point. Consider how much oil wealth flows through Nigeria, and that the lads' scripts are often riffing off this scale of transactions. Also remember they are probably used to dealing in the Naira, which is currently about 150 to the US dollar.

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mr.scissorkick
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Joined: 03 Feb 2009
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PostPosted: Thu Apr 16, 2009 11:02 pm Reply with quoteBack to top

@ Ubuntu: That's basically what I said. "My lawyer could have done it for like $40k.

_________________
-MY DEAR SIR STOP THIS BULL SHIRT WHO IS MR.GOMER? ~Pual Williams
-This is why your wife divorced you! ~Melveille Turner (Hawaiian Punch)
Goat Goat
United Kingdom Thailand Malaysia
Closed lad accounts x 67
Mortar x 34 (Hi, kids!) Easter Egg 2012
Pith Helmet Accra-Lagos = "you made me and my people to wiat at the air port for nothing sake.and pay for hotel resavetion its not sound." -John Asamoha
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TheLovelyJill
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Joined: 18 Jan 2009
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PostPosted: Thu Apr 16, 2009 11:25 pm Reply with quoteBack to top

Quote:
Wrong. Look into the costs of writing a prospectus for a large multi-national for example.


You misunderstand me. That sort of document has due diligence/multi staff involved. I'm talking about a court document which may be instantly produced.

_________________
FUCK YOU LYN3TTE OR WHOEVER. ASSHOLE - A Cole
YOU ARE MAD. I AM SURE. - Willi4m Du7u
She has been waiting [at the airport] for you for hours and is very afraid - Edw4rd C0le's Madrid lad.
Your father was a coward and your mother a fagot - Barr G0ldsmith
You be jail soon let wait and see........ P0ntus
I no longer want to involve you in this transaction since I am beginning to see your cunny part.
i wasn't fucking gay until i married you - MM

- Trafalgar Square 2013
Golden Pith - Hector co-bait
Safari - Mr Ayo - Lagos-Porto-Novo (probably x3) "You lier. I will not for-give Because you waste my money. you lier."
Closed lad accounts x 127 Mortar Easter Egg 2011
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shmike
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Joined: 14 Apr 2009
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PostPosted: Fri Apr 17, 2009 12:10 am Reply with quoteBack to top

TheLovelyJill wrote:
Quote:
Wrong. Look into the costs of writing a prospectus for a large multi-national for example.


You misunderstand me. That sort of document has due diligence/multi staff involved. I'm talking about a court document which may be instantly produced.


Well of course that doesn't cost millions
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Dorothy
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PostPosted: Fri Apr 17, 2009 1:13 am Reply with quoteBack to top

It comes down to 2 things.

1) He doesn't recognize the absurdity of the number--some lads really do think that all westerners are wealthy and they probably do believe that the average lawyer is earning millions.
2)The number has to be sufficiently large to make your fee look like pocket change.

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