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I was not sure how to title this thread, so this might not be what you were expecting.
I probably review 3-5 new med mal cases each year, both defense and plaintiff, and give an occasional deposition (I can remember giving two depos in the last five years).
I do not charge much, $200-250/hour for defense cases and $300/hour for plaintiff cases, minimum one hour for initial review, research and conversation. I believe that I am under market with may rates and do not have a problem with it because I also view it as a learning experience for me. My (lawyer) wife has often chided me for not raising my hourly rate. One positive/negative consequence of not charging more is that I get a lot of word of mouth referrals on the plaintiff side (LOL).
Yesterday, I received a phone call from a defense attorney, not known to me previously, who pulled my name from the "Best Docs" list and asked me if I would review a case. I asked some general questions to determine if it was in my expertise (it was) and whether there were any obvious conflicts of interest (there were none). He then asked my rate, and I replied, somewhat reflexively, $200/hour (minimum one hour). He said great, and we started to talk schedules to make a date for a meeting to review the case, in person.
I hung up the phone, continued working, and later in the day received an email confirming our conversation, requesting my CV, and to give him some dates to meet like we talked about. There was something irritating about all this, and I could not immediately put my finger on it.
When I returned home from work that evening, it hit me that I had no interest in meeting this guy to go over a case for a net $100 (after taxes), which would be at least an hour of time for driving to the meeting place, going over the case, being presentable and social, driving home, etc., when I typically review these cases at home, on my computer, in my pajamas. It was his idea and preference to meet in person to go over the case. I guess that it is a first world problem or being spoiled or too "rich", but I value my time more than that, and I was starting to think of a conversation to back out of it. Heck, I would gladly pay $100 not to have to do it!
I discussed this with my wife, and she suggested that I simply email him that the $200/hour rate was the rate for me reviewing the case at home at my convenience, but if you want to meet and go over the case in person, the rate is $400/hour (one hour minimum), which, as an aside, happens to be closer to my depo rate of $500/hour, min 2 hours. Alternatively, if this is too much for the client, you could send me the images, and I will review and get back to you for the $200/hour fee, or we could just walk away from the deal before it gets started.
I sent the attorney the email, he promptly replied that $400/hour should be fine with the client, and we are moving forward. From now on, my initial rate is $400/hour. Period.
Lessons:
1. Don't sign up for underpaid work, unless you really, REALLY need the money.
2. Don't sell yourself short.
I probably review 3-5 new med mal cases each year, both defense and plaintiff, and give an occasional deposition (I can remember giving two depos in the last five years).
I do not charge much, $200-250/hour for defense cases and $300/hour for plaintiff cases, minimum one hour for initial review, research and conversation. I believe that I am under market with may rates and do not have a problem with it because I also view it as a learning experience for me. My (lawyer) wife has often chided me for not raising my hourly rate. One positive/negative consequence of not charging more is that I get a lot of word of mouth referrals on the plaintiff side (LOL).
Yesterday, I received a phone call from a defense attorney, not known to me previously, who pulled my name from the "Best Docs" list and asked me if I would review a case. I asked some general questions to determine if it was in my expertise (it was) and whether there were any obvious conflicts of interest (there were none). He then asked my rate, and I replied, somewhat reflexively, $200/hour (minimum one hour). He said great, and we started to talk schedules to make a date for a meeting to review the case, in person.
I hung up the phone, continued working, and later in the day received an email confirming our conversation, requesting my CV, and to give him some dates to meet like we talked about. There was something irritating about all this, and I could not immediately put my finger on it.
When I returned home from work that evening, it hit me that I had no interest in meeting this guy to go over a case for a net $100 (after taxes), which would be at least an hour of time for driving to the meeting place, going over the case, being presentable and social, driving home, etc., when I typically review these cases at home, on my computer, in my pajamas. It was his idea and preference to meet in person to go over the case. I guess that it is a first world problem or being spoiled or too "rich", but I value my time more than that, and I was starting to think of a conversation to back out of it. Heck, I would gladly pay $100 not to have to do it!
I discussed this with my wife, and she suggested that I simply email him that the $200/hour rate was the rate for me reviewing the case at home at my convenience, but if you want to meet and go over the case in person, the rate is $400/hour (one hour minimum), which, as an aside, happens to be closer to my depo rate of $500/hour, min 2 hours. Alternatively, if this is too much for the client, you could send me the images, and I will review and get back to you for the $200/hour fee, or we could just walk away from the deal before it gets started.
I sent the attorney the email, he promptly replied that $400/hour should be fine with the client, and we are moving forward. From now on, my initial rate is $400/hour. Period.
Lessons:
1. Don't sign up for underpaid work, unless you really, REALLY need the money.
2. Don't sell yourself short.
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