Debt Collection Fees
Our firm’s fees are designed to meet each client’s individual needs. The specifics of each fee agreement depends on the size of the debt and our assessment of the collection likelihood. In general, we offer three types of fee agreements:
Hourly Rate Option: If the client chooses this option, our firm charges a reasonable hourly rate for our services, and the client receives 100% of all amounts collected. This fee structure is usually preferred by larger companies and smaller creditors seeking to collect large judgments. If we determine that the debt is likely to be collected rather easily, we urge our clients to select the hourly rate option because it results in the highest net recovery to the client.
Contingency Fee Option: If the client chooses this option, our firm receives a percentage of the amount we are able to collect from the debtor. If we collect nothing, the client pays us nothing. This fee structure is preferred by clients without sufficient funds to pay an hourly rate, creditors with difficult-to-collection debts, or creditors engaging us to collect multiple debts at the same time.
Blended Rate Option: If the client chooses this option, our firm’s fees consist of a blend between our reasonable hourly rate and our contingency fee percentage. We typically charge 50% of our hourly rate and 50% of the contingency percentage.
Wallin & Russell LLP is successful because of its loyal, satisfied, repeat clients. We rarely have one-time clients. Our clients, who are typically business owners, tend to need our collection services several times a year. For this reason, we feel strongly that each client should be guided into the fee structure that best fits the client’s goals, not our firm’s goals. This philosophy leads to a win-win for our clients and our firm. Our clients receive an excellent result in their collection matters, and our firm earns loyal clients to provide future business.