Quality and safety are words that are spoken with a great deal of respect and pride at Shree Engineering. Recognized for their high-grade feeder pillars and control panels, Shree Engineering has made its mark in Dubai’s industrial sector as one of the most reputable manufacturers, exporting quality products to countries all over the world. Their company has earned themselves customers that include prestigious corporations including JAFZA, JLT, JAF, Limitless, SHFA, Control Centre, L&T, ADPC, FANR, Taqa and many more.
In a nutshell, legal fees based on time spent are fees based on the time spent on a matter or case multiplied by the known or agreed upon (as long as both parties conform) rates of the attorneys or paralegals performing the legal services. It sounds simple in theory, where in actuality it is the direct opposite, given how much confusion there is with lodestar legal fees.
Just like with engineering, with correct planning and correct usage of resources, there would be cost efficiency and completion of a project without going over budget. The same goes for the legal industry when dealing with lodestar legal fees, rest assured that they would be cost efficient as long as there is proper management of all the resources allocated for your legal matters.
Even though the legal industry and engineering industry don’t seem to have anything in common at first glance, the work ethic and the use of resources have a lot of resemblance. Having a small window of error, both industries need to be precise and accurate in every step of the process, from the start to the end, in order to produce the results they are both known for.
Having every process documented is crucial for both the engineering industry as well as the legal industry. Not only does it create records of what procedures were taken in order to achieve the results, it also helps avoid any future mistakes from happening if the same situation was to occur a second or third time. There are numerous ways to keep a record of details, whether it’s through a computer, a new stunning app, or even the good old pen and paper; the best way is the one that works for you because there isn’t a one size fits all. The main point is to document everything.
If you are managing a multi dollar project and are now forced to be more precise with the usage of resources, then you should be expecting a similar cost predictability from outside counsels. Before hiring new ones, ask them about financial predictability, including their method of calculating fees and if they have had a history of meeting financial goals. If they have the answers are satisfactory, then you’ve found a matching outside counsel.
Again, just like all engineers and people in the industrial field with general knowledge of machine and electrical engineering, partners in law firms are expected to manage and oversee a wide range of tasks for the entire firm, even if they are not all essential to their core legal work. Managing people, finances, and supplies all require sophisticated risks and cost assessments to be able to adequately allocate resources. So it only makes sense that partners in law firms, along with the associates they mentor, are not too different from engineers; they need to see things objectively in both time and spend.