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$13k is nothing compared to the brokers commission on a $3MM deal!
Were the docs negotiated at all? Did you have to hand hold the other side? I’d say big law would charge $20K easy
I’ve got one of those, they always cut out legal fees too 🙃
my firm does flat fees and would probably do that for $3-5k. Unfortunately, the price of the property will generally price out charging more than $10k for most clients in that range.
As an additional note, I know firms that do full securities syndications including Reg D filing for around 13k for anything less than $5MM
This is accurate in the Boston area as well. In MA for a small commercial deal like this, it is common for the buyer’s attorney to act as settlement agent and write the title. In that case the attorney usually keeps 80% the policy premium. The policy on $3M will be roughly $13,500, with $11,040 to the attorney. So $3-5k plus $11,040 get you right in the ballpark of what was billed.
50k?
13k seems reasonable to me as well. I am located in the suburbs outside of NYC but many of our deals are NYC based. We aren’t big law but many of our deals have big law on the other end. We’d probably be in the 15k range for something like you described, maybe a little less, maybe a little more, taking into account all factors, etc.
10-15k is what I would have quoted
Coach
Former partner at a Florida regional firm. $500/hr at 20 years out. Associates below $250-$350/hr.
Title, survey, zoning report review and resolution of issues, barring material issues, I budgeted $7500. Closing documents was $2500, but drafts were attached to PSA. Closing itself was expensive, but my deals were typically $30M-$40M, so closing is less comparable, but other stuff should be comparable.
2019 estimates as I went in house in 2020, but rates should keep things in perspective.
If your clients are complaining about your beyond reasonable and low fee of $13k for this deal, then they didn’t want a lawyer, they wanted a rubber stamper
I could hit $25 without a sweat
You said you drew up the Closing docs, I’m assuming you were the escrow. Did you write title as well?