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28 Cards in this Set

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Hourly rate

Measured in fractions and based upon specific record-keeping. Hourly rates are higher for partners than Associates, and for senior paralegals than other paralegals and legal assistants.

Blended rate

An hourly rate that is the average of the higher and lower hourly rates at the firm.

Contingency fee

A percentage of the clients recovery. Is only valid if the outcome is unknown. Often associated with personal injury cases.

Fixed fee

Also known as a flat fee, or unit fee. Is based on all legal work needing to be done.

Equity partner

A partner in a law firm who is a shareholder, having voting rights.

Pro bono

Pro bono is short for the Latin phrase for the public good. When an attorney represent a client without charging a fee, that is a pro bono representation.

Contingent fee

A fee paid to a lawyer that is paid only if the lawyer succeeds in recovering a settlement or judgment for the client. The contingent fee is a percentage of what the client obtains.

Reverse contingent fee

A type of contingent fee Arrangement that involves the lawyer being paid a percentage of what the lawyer saves the client from losing, as opposed to a percentage of what the lawyer obtains for the client.

Fixed fee

A predetermined fee that covers all of the lawyers efforts and services rendered for a particular client matter. A fixed fee is distinguished from an hourly rate.

ABA model rule 1.5 a

Prohibits lawyers from charging, collecting, or making agreements for unreasonable fees, whereas the 8th 1983 version of Mr 1.58 stated a lawyer's fees shall be reasonable.

Certificates of deposits CDs

A type of conservative investment wearing someone gives money to a bank or other financial institution in exchange for promissory notes from the institutions detailing the interest to be paid on the money and the date on which the principal and interest will be paid to the investor.

Legal treatise

A form of secondary Authority, much like a legal textbook, but which is often accorded higher status because of its long-standing reputation in the legal community.

Double billing

A dishonest billing practice that involves billing to clients at the same time.

Bill padding

A dishonest billing practice that involves one exaggerating the time spent working on a client's case.

Quantum Merit

A Latin phrase that means as much as he deserved. Quantum Merit is an equitable principal used in contract cases by plaintiffs attempting to recover something for their efforts when courts have already determined that operative legal principles deny the validity of a contract.


These are one of the lawyers and paralegals time and efforts are worth. These can be hourly, contingent or fixed.


Costs are expenses associated with the representation. Cost could include expert witness fees, medical exams, and other Discovery expenses.


A prepayment for future Legal Services made to an attorney at the beginning of the representation. As the lawyer works on the case, the advanced is being earned.

Public policy

Generalized views about the American culture or ideals upon which specific laws are made.


A payment made to secure lawyers availability. A general retainer can be non-refundable where it is allowed.


The unlawful mixing of one person's money with another person's money in the same account.


A torturous act that involves one exercising authority over another's property, to the deprivation, and without the permission, of the innocent party.


When someone who has made a payment on another's behalf has the legal or equitable right to be paid back from the party was originally liable for the payment. Subrogation often occurs when an insurance company pays its insured party under the terms of the insurance contract, and then is subrogated in the insured parties lawsuit against the defendant.

Now account

Negotiable order of withdrawal account. A now account is an account that allows the depositor to withdraw sums of money from the account at will. Now accounts are also called demand deposit accounts.


Payments made by one spouse to another spouse, following a divorce, that are made to support the other spouse. Some states have eliminated alimony as a general requirement in divorce.

401K plan

An employee retirement plan authorized by 401 of the Internal Revenue code, sometimes called salary reduction plan. In a 401K plan, and employees pre-tax contributions are matched and some percentage by their employers contributions.

Gross revenue

Sometimes called gross income, this is the total revenue received before deductions, such as expenses.

Promissory estoppel

An exception to the requirement of consideration, which is a required element to a valid contract. Generally, promissory estoppel allows a party who relied on the promise of another party to recover what was promised, even though the relying party would be unable to recover under contract law.