160 – 5 things you need in an engagement letter
In Show 160 originally broadcast on Facebook Live on Dec 16, 2018 we explore this interesting topic.
Starting with a new client can be the first step to a beautiful relationship. But you have to get it right from the start. Today on Fast Fix Monday we present the five things you need in an engagement letter.
- Make sure you describe the scope
Properly define everything you;re going to do so there is no possibility of dispute later.
- State your fees clearly
This is a huge part of any dispute. Make sure you client fully understands how much you’re going to cost.
- Define who you are actually engaging with
There are an incredible amount of business structures out there. You need to make sure that you are charging the actual person behind those structures.
- Identify the matters that you will handle and those you won’t
Scope creep is a big problem for lot’s of businesses. Make sure your client understands the things you won’t be doing for them.
- Specify how you will bill
Will you be billing weekly? Monthly? Make sure when and how you bill is fully understood by everyone.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.