FAQS CONCERNING LEGAL FEES
Q. Do you provide free consultation? Can I ask a “quick legal question.”?
A. My firm does not provide free legal advice. My firm mainly practices financial services laws and provides these services to financial services entrepreneurs (lenders, securities issuers etc.), and not to consumers of financial services. In my experience, the question may be “quick,” but responses are lengthy and involve complex laws. My firm provides a short free conversation for the following purposes only:
• Determine if a potential client’s matter falls within my firm’s areas of practice.
• Quote a fee (either a flat fee or an hourly retainer) for legal services and explanation of how to retain my firm to provide legal services.
• Conduct a conflicts’ check.
If during our initial conversation, you wish to ask a legal question, then you can pay for an initial consultation, which will be deducted from the license application services or PPM offering services as follows:
• My firm charges $400 for an initial up to 1-hour consultation concerning a lending license application (will be deducted from the CFL, CDDTL, and other applicable California license application(s) services in case my firm is retained for that purpose)
• My firm charges $800 for an initial up to 1.5-hour consultation and .5 hour e-mail summarizing the consultation, concerning a proposed private securities offering and/or the basics of the different securities registrations exemptions available to a potential issuer (will be deducted from the PPM services in case my firm is retained for that purpose)
Q. Do you charge a flat fee, hourly out of a retainer, or both?
A. Most of my firm’s services are provided on a flat fee basis.
For example, my firm charges flat fees for the following legal services
- California Lending licenses applications (CFL and CDDTL).
- At least 90% of my clients pay flat fees for licensing services. In case the applicant company has complex structures, with holding companies or involvement with private equity funds, then CFL license services may be provided only on an hourly basis out of a retainer. Any related enforcement actions defense representation are provided on an hourly basis out of retainer.
- One-month California lending compliance program.
- One-month California pawnbrokers compliance program.
- One-month California investment advisor compliance program.
- Combined licensing application and 15-day compliance program for California Credit Service Organization registration applicants.
My firm charges hourly out of a retainer (deposit, out of which my firm’s hourly work is charged) for the following services:
• DFPI, DRE, SEC, CFTC, FINRA investigations and enforcement actions’ defense.
• Writ of mandate lawsuits.
• Business model legal opinions. (legal review and analysis to determine if your financial service business requires the applicable licensing and registrations)
• Mergers and Acquisitions (M&A) legal work.
• Some property tax and zoning matters. (typically, representation at additional hearing(s) of a CUP or variance or property tax proceeding)
California DBO is now the Department of Financial Protection and Innovation (DFPI)