It’s no secret that solicitors are expensive, but why? Why are solicitors fees so expensive? This is a question that I’d bet has crossed the mind of almost everyone who has received a legal bill for thousands of pounds. You’re not a hundred percent sure about what you’re paying for, the only thing you’re sure about is that it’s a lot. No doubt they do a specialist job, and in many circumstances, you need them, but where does the cost come from? Let’s take a look.
Overheads, Overheads, Overheads
Solicitors have a lot of overheads. It’s one of the main reasons they need to charge high fees. Amongst other things, they have to pay for office space, legal subscriptions, legal software, file storage space, computers and stationary, and specialist staff. That means in order to turn a profit, they have to charge above what they need to spend. So when you’re quoted £300 per hour, you can rest assured that all that isn’t going right into their pocket. It often takes a system and team of people to complete your work successfully.
Why are solicitors fees so expensive you ask? Because they’re specialist and you need them. There are a number of activities that only a solicitor can complete. For those activities you need the expertise that they office. This puts them in a position of demand, and more demand means higher prices. Each solicitor has undergone years and years of education and training to be able to complete your work. So when you hire one, you’re receiving all those years of education and training, and that costs.
Why Are Solicitors Fees So Expensive? Because They Can Be.
Solicitors know that you need them. They know that they offer, at least partially so, a specialist service that only they can provide. Because of this, they charge the high fees and disbursements that we’ve all come to expect. This special position lends itself to the natural order of business, that high demand leads to high prices and that everyone is out to turn a profit.
Now we can see why solicitors fees are so expensive. However, thanks to smart efficiencies, technology and competition, the high fees and status quo are being challenged. Providers like YouLaw are able to offer competing services for under half the cost, and the ultimate winner is the consumer. Going forward, you should also challenge the status quo and seek out financial savings by considering alternative legal service providers.
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