if i have to hire an attorney in order to get financial statements, who pays for it ?

Generally, the client pays either nothing out-of-pocket, or only some of the costs of the case (like filing and service fees). At the conclusion of the case, if the attorney loses, the client pays nothing, but if the attorney recovers any money for the client, then the attorney takes his or her fees as a percentage of the award.

Full Answer

Do I need an attorney if I have no money?

Frequently, the people who need an attorney the most are also the ones who can least afford to pay for one. Whether accused of a crime, injured in an accident, or facing the possibility of losing your children, there are many situations where the stakes are so high that you might desperately need an attorney even though you have no way to pay.

How often do attorneys get paid?

Attorneys usually bill in 1/10 th of an hour increments, meaning you will be charged 1/10 th of the hourly rate for every 6 minutes the attorney spends on your case. The most common billing frequency is monthly, however, some attorneys will send bills more frequently, others less frequently.

Should you spend money on another lawyer?

Spending money on another lawyer — assuming you could even find one willing to oppose another lawyer’s fee request — does not appeal to you. Finally, you may feel that the legal system will protect its own, and uphold the fee with little regard for the facts of your case.

Should I hire a lawyer to collect accounts receivable?

However, keeping your lawyer may be preferable to trying to find another one — the lawyer will have fiduciary responsibilities, malpractice exposure, and a duty of zealous representation as long as he represents you. Like other businesses and professions, attorneys can take steps to collect accounts receivable.

Who defends those who Cannot afford an attorney?

A public defender is a lawyer appointed to represent people who otherwise cannot reasonably afford to hire a lawyer to defend themselves in a trial.

What is a financial Discovery?

Financial discovery is the fact finding/document gathering part of the divorce process. Financial discovery can be time consuming and may be the most expensive part of a divorce process for a wealthy family. Financial discovery will most likely happen over time.

Do you have to show bank statements in divorce?

If you are going through a divorce, separation or attending mediation, there is a duty of full and frank financial disclosure. This means that it is necessary for you and your spouse/partner to completely and honestly disclose your true financial positions.

What are the three types of discovery?

That disclosure is accomplished through a methodical process called "discovery." Discovery takes three basic forms: written discovery, document production and depositions.

What are some examples of fees you can deduct?

For example, you can deduct fees paid for: collecting money owed to you by a customer. defending you or an employee in a lawsuit over a work-related claim, such as a discrimination lawsuit filed by a former employee. negotiating or drafting contracts for the sale of your goods or services to customers.

Is personal attorney fees deductible?

Personal attorney fees are deductible in a few types of cases.

Can you deduct attorney fees if you are a whistleblower?

Whistleblower Cases. You can also deduct your attorney fees if the IRS grants you a whistleblower award. This involves letting the IRS know about someone who is cheating on their taxes or committing certain other legal violations. If the IRS collects money from them, you'll be awarded a percentage.

Can you deduct attorney fees if you sue the government?

Certain Property Claims Against the Federal Government. Individuals may also deduct attorney fees if they sue the federal government for damage to their personal property. This applies both to civilians and federal employees.

Is legal fees deductible?

Most personal legal fees are no longer deductible under the Tax Cuts and Jobs Act.

Can you deduct legal fees?

You usually can deduct legal fees you incur in the course of running a business.

Can you deduct legal fees on Schedule E?

If you own rental property, you can deduct legal fees you incur in the course of your rental activity provided that your rental activity qualifies as a business, not an income producing activity. But this does not include fees paid to acquire rental property. For example, if your rental activity is a business, you can deduct a ttorney fees incurred to evict a tenant. These fees are deducted on Schedule E.

What are the three financial statements?

The most commonly referenced reports are the three key financial statements: income statement, balance sheet, and statement of cash flows. The income statement, or profit and loss statement, represents the results of operations of a given entity over a period of time.

Why is financial reporting important?

Financial reports are useful for making business and economic decisions. To fully have a handle on financial reporting, you need ...

What is income statement?

An income statement provides the results for fixed period of time, which could be one month, quarter, or year. Note that the income statement title conveys the relevant period, one year in the example above.

What are some examples of general ledger entries?

Examples of transactions that trigger a general ledger entry include supplies purchases, shipments or receipt of goods, sales of goods or services, employee wages and salaries , and many, many more. Amongst smaller businesses, one of the most popular accounting platforms is QuickBooks.

Who needs an attorney the most?

Frequently, the people who need an attorney the most are also the ones who can least afford to pay for one. Whether accused of a crime, injured in an accident, or facing the possibility of losing your children, there are many situations where the stakes are so high that you might desperately need an attorney even though you have no way to pay. ...

Who can appoint an attorney?

The attorney appointed will most likely be a state employee, possibly even working in the public defender's office, though many states have used volunteers similar to the “conflict attorneys” described above to fill this need.

How to find a lawyer in your area?

If you want to find an attorney in your area that might be able to help you with your case, visit HG.org and use the attorney search feature. You can search by practice area and location to find someone that can help you with your particular matter right where you live. When you call them, be sure to ask if they handle cases on a contingency fee basis, if they ever take on any pro bono representation, or if they can help you find more information about someone who might be able to assist you. You can also contact local bar associations, pro bono clinics, legal aid societies, and even law libraries to get more information about free and reduced rate legal representation in your area.

What is the right of an indigent person to counsel?

On appeal from his conviction, the Supreme Court held that the right of an indigent (i.e., poor) defendant in a criminal case to have the assistance of counsel is a fundamental right essential to a fair trial. Thus, the conviction was overturned and the right to legal counsel in a criminal case was finally and firmly established.

What happens if an attorney loses a case?

At the conclusion of the case, if the attorney loses, the client pays nothing, but if the attorney recovers any money for the client, then the attorney takes his or her fees as a percentage of the award.

How to get legal counsel without paying up front?

There is another way to get legal counsel without significant up-front expenses. This is the “contingency fee” arrangement, whereby one's payment to their attorney is contingent upon that lawyer getting some form of recovery for the client. Generally, the client pays either nothing out-of-pocket, or only some of the costs of the case (like filing and service fees). At the conclusion of the case, if the attorney loses, the client pays nothing, but if the attorney recovers any money for the client, then the attorney takes his or her fees as a percentage of the award.

What is a conflict attorney?

Thus, when someone has a conflict with the Public Defender's office, so-called “conflict attorneys” may be appointed by the court. These are usually private attorneys that have volunteered to assist the court in these situations.

Why do attorneys' fees help settle cases?

Attorneys’ fees provisions can sometimes prevent litigation altogether and often help settle cases where liability is questionable because of the risk the provision places on litigants. Since parties run the risk of paying the attorneys’ fees of both sides, they are more cautious before filing suit and are more prone to settle if they are concerned they will not win at trial.

What happens if your insurance company denies your claim?

If your insurance company denies your claim in “bad faith,” and you sue to force your insurance company to pay, you may be entitled to recover your attorneys’ fees, even if your policy is silent on the issue. Recently, Klein & Wilson received a $1 million verdict for a client whose insurance company refused to pay a covered claim. Before proceeding to the phase of the trial where punitive damages and attorneys’ fees would be decided, the insurance company agreed to settle the whole case for $1.5 million.

Do you have to pay your own attorney fees in California?

California follows the “American Rule,” which provides that everyone has to pay their own attorneys’ fees – even if you win at trial. Imagine getting sued for something frivolous, having to pay your attorneys thousands of dollars to defend yourself, winning the lawsuit and then hearing you can’t recover your attorneys’ fees. Also, consider the toll on a small company forced to pursue a case where only a few thousand dollars are at issue and then learning it cannot recover its attorneys’ fees. Sometimes the fees can equal (or even surpass) the amount at stake. A larger company can often “out gun” the smaller company in litigation, driving fees so high the smaller corporation is forced to abandon a valid claim because it cannot afford to litigate.

Can you recover attorneys fees in litigation?

If you’ve ever been in litigation, you know that justice is not cheap. The most basic lawsuit can cost thousands of dollars to win, even a frivolous one. Many of our clients have asked us under what conditions they can get their attorneys’ fees reimbursed. This special report summarizes the basics on recovering your attorneys’ fees in litigation. With good planning, you may be able to recover most, if not all, of your attorneys’ fees in various situations.

Can you collect attorneys' fees from someone else?

Let’s assume you get named in a lawsuit because of someone else’s conduct. If you are forced to defend yourself in the case, and you prevail, you can collect your attorneys’ fees from the party truly at fault. For instance, if you are a general contractor, and one of your subcontractors burns the project down, the owner will probably sue you for the damage. If you win the case the owner filed against you, you can then collect the attorneys’ fees you spent from the responsible subcontractor.

Can you get your attorney's fees reimbursed?

You can avoid the “American Rule” and get your attorneys’ fees reimbursed if your contracts provide that the prevailing party in a lawsuit is entitled to fees. This provision is easy to include, and you should always insist on such a provision if you are concerned about recovering attorneys’ fees.

Can attorneys' fees be a one sided provision?

Some parties try to minimize the risk of losing attorneys’ fees by inserting a provision into contracts that only the party drafting the contract wins attorneys’ fees. However, these one-sided provisions do not work, since Civil Code Section 1717 makes such provisions reciprocal.

How to request fees during divorce?

To request fees during a divorce, one spouse must file a Request for Order with the court. The Court will schedule a court hearing for you and your spouse to ‘argue’ your respective positions and then the judge will make a decision.

What does a judge look for in a divorce case?

When deciding whether or not to order fees, the judge will look to each of your “need” and “ability to pay.” In other words, do you (or your spouse) have the ability to pay for your representation and that of your spouse? The judge will also look to see whether there is a ‘disparity in access to funds’ to retain an attorney. Even if both spouse’s are ‘well off’, the court can award fees if one spouse has significantly more income, assets and/or liquidity. Since California is a ‘no fault’ divorce state, fees are not awarded for ‘bad’ behavior outside the context of the divorce action. So, for example, if the reason you are obtaining a divorce is because your spouse habitually cheated on you, the court will not consider that as a basis for awarding you fees. However, there are limited circumstances when a spouse will be forced to pay fees for ‘bad’ behavior within the divorce action itself (see below, ‘fees as sanctions’).

What issues need to be resolved in a divorce?

The issues that need to be resolved in your divorce are property & debt, child custody, child support and spousal support. Additionally, attorney fees need to be considered and resolved in a way that makes sense for you and your spouse. The Family Code allows the court to award fees in the amount that are “reasonably necessary” to properly litigate ...

What is need based fee?

The Family Code allows the court to award fees in the amount that are “reasonably necessary” to properly litigate and/or negotiate a divorce. “Need based” fees can be requested at any point during your divorce.

How to request a sanction from spouse?

As with “need based” fees, either party may request “sanction” fees from the other spouse by filing a “Request for Order” with the court.

What are some examples of fees as sanctions?

Some examples of when fees as “sanctions” may be appropriate income (but are not limited to): 1. Withholding important information about your child’s health or welfare from the other spouse; 2.

Can a divorce judge award fees for bad behavior?

Since California is a ‘no fault’ divorce state, fees are not awarded for ‘bad’ behavior outside the context ...

What to do if you are dissatisfied with your lawyer?

If you are dissatisfied with your lawyer, your first step should be to raise your concerns in a conversation. If the problem persists and your lawyer is a public defender, you may contact the lawyer’s supervisor. In rare cases, the supervisor may assign a different public defender. This would be done without court intervention.

When does a lawyer have to be fired?

Firing your lawyer succeeds only when the relationship has seriously broken down. Learn what questions to ask and steps to take before doing anything drastic.

What happens when a defendant presents his grievance?

The defendant presents his grievance, the defendant’s lawyer responds, and the judge normally asks questions to clarify the dispute. The judge will attempt to resolve the disagreement without having to appoint a new lawyer. If you seek a hearing, you must be prepared with organized and specific reasons.

What to do if you can't solve a problem without a court?

If you are unable to solve the problem without judicial intervention, you may ask the court for a hearing to request new counsel. You can normally make this hearing request directly to the court, but if you tell your current counsel of your wish to have this hearing, your lawyer would have an obligation to notify the court.

What happens at a court hearing?

At a hearing in which you ask for a new lawyer, the courtroom is typically closed to all but the judge, the defendant, and the appointed lawyer, and the record of the proceeding will be sealed. This means that neither the prosecutor nor the public will have access to a transcript of the proceeding. The defendant presents his grievance, the defendant’s lawyer responds, and the judge normally asks questions to clarify the dispute. The judge will attempt to resolve the disagreement without having to appoint a new lawyer.

What are the reasons for seeking a new counsel hearing?

If you seek a hearing, you must be prepared with organized and specific reasons. Successful arguments for new counsel generally involve a significant lack of communication, failure to investigate key evidence, and failure to make valid legal arguments. Remember that your “opponent” in this hearing will be your lawyer.

Which amendment guarantees the right to legal counsel?

The Sixth Amendment guarantees the right to the assistance of legal counsel in criminal cases. If a person does not have the financial means to hire an attorney, courts will appoint a lawyer at public expense in all cases that have the possibility of incarceration, including misdemeanors. Court-appointed lawyers generally come from either a public defender’s office or from a panel of local private attorneys approved by the court.

Where does a lawyer have to keep money?

Where money has been advanced in anticipation of future services, the lawyer is usually required to keep the money in a client trust account. The trust account money is considered property of the client in most jurisdictions. The lawyer has a right to withdraw the money after the fees are “earned” by the lawyer.

How to coerce a client to pay a lawyer?

Lawyers frequently try to coerce payment by asserting an “attorneys’ lien” on all or part of a former client’s case file pending receipt of payment. Depending on whether the case or transaction is over, this can leave the client in the unenviable position of having to pay the fee to get much-needed papers for an ongoing legal matter. However, in practice a client operating in good faith has little to fear. If the client has a need for the documents in an ongoing matter, and a good faith basis for not paying a portion of the fee, lawyers cannot withhold critical papers. Even after the attorney-client relationship is over, the lawyer has a duty to assist in an orderly transition to replacement counsel to minimize prejudice to his former client.

What is a lawyer's agreement?

Lawyers will often refer to agreements they have with clients, typically drafted by the lawyer at the beginning of the engagement, as evidence that a client agreed to certain payment terms. For example, there may be agreement as to hourly rates, staffing, or contemplated courses of action.

What happens if you don't raise your lawyer's billing concerns?

The downside of not raising billing concerns with your lawyer is substantial. You lose the chance to obtain a mutually-agreed upon reduction. The billing practice that offends you will no doubt continue. Finally, if the fee dispute ever gets litigated or arbitrated, your lawyer will claim that you consented to the disputed billing practice.

Why do lawyers give bonuses?

Despite this, lawyers often tell their clients they are entitled to a “bonus” over the agreed-upon fee because the matter has become more difficult than expected or because of an unexpectedly favorable result. It is common for such a lawyer to “negotiate” the increased fee in the middle of an engagement.

What to do if you get a high bill from an attorney?

There are steps you can take both during and after the engagement to communicate your concerns to your lawyer. Appropriate questioning of bills often leads to a mutually-agreed upon reduction, and can even strengthen the attorney-client relationship. Should all else fail, fee dispute litigation provides substantial relief from some relatively common examples of attorney overbilling, while protecting an attorney’s right to a reasonable fee. Ten points for clients to consider:

What is the code of professional conduct and responsibility for lawyers in New York?

In an effort to ensure that lawyers do not use superior experience or negotiating skills in drafting agreements with their clients, the Code of Professional Conduct and Responsibility that applies to all lawyers in New York State (other states have similar or identical codes) provides that an attorney “shall not enter into an agreement for, charge or collect an illegal or excessive fee.” DR 2-106 [A].

How do financial advisors work?

Generally, these advisors work on an hourly basis or agree to take on the project for a flat fee. For example, if your company has offered you a buyout package to take an early retirement, you might engage the services of a financial advisor to help you sort through your options. They can help you evaluate any incentives your company may be ...

When deciding on the type and the scope of advice that you might need from a financial advisor, it's?

When deciding on the type and the scope of advice that you might need from a financial advisor, it's important to ask the right questions about your money needs and to assess your own level of comfort in managing your own finances.

What is financial advisor?

Financial advisors or planners counsel people on wealth management and other personal money matters. Financial advisors can just draw up plans, or they can recommend specific investment products and vehicles. Some advisors charge a straight commission every time they make a transaction or sell you a product.

Why is it important to understand the compensation structure for your financial advisor?

It's important to understand the compensation structure for your advisor because it can impact the kind of advice that you receive. Whether or not a financial advisor is a fiduciary or not depends on how they are licensed and regulated.

Why is financial advisor important?

Financial advisors can be great when you are confused, emotional, or simply ignorant of various wealth-management topics. Add in the fact that a majority of people can’t see far enough into the future to imagine their retirement, much less plan for it, professional advice can be very handy.

What is a CFP?

Of these designations, one of the best-known is the certified financial planner (CFP). This designation is issued by a private trade association—the Certified Financial Planner Board of Standards (CFP Board) in the United States. The CFB Board mandates qualifying exams and continuing education for those with the certification.

How often do investors meet with advisors?

Typically, under this type of arrangement, the investor and advisor would formally meet (in-person or virtually) twice per year or quarterly, with the client having access to the advisor as often as needed for any questions or issues that might arise in the interim.

What Are The Accounting Issues For Lawyers?

Financial Reporting

• Financial reporting is expected to provide information about an enterprise's financial performance with a focus on the financial position, earnings or income, and the cash flows or how cash is utilized during a period. Financial reports are useful for making business and economic decisions. To fully have a handle on financial reporting, you need to...

See more on americanbar.org

Accounting Information Systems

General Rule

The Contractual Exception

• You can avoid the “American Rule” and get your attorneys’ fees reimbursed if your contracts provide that the prevailing party in a lawsuit is entitled to fees. This provision is easy to include, and you should always insist on such a provision if you are concerned about recovering attorneys’ fees. Conversely, such provisions can cause parties to li...

See more on kleinandwilson.com

Recovery of Fees in Settlement

Implied Indemnity

Insurer’S Bad Faith

Action Against Surety on Government Construction Bond

Other Exceptions

Contact Information