Thread: Attorney consultation fee??

I'm interviewing a new attorney to replace my existing one. I need a bid from him to do specific tasks relating to corporations, contracts, banking, etc. This attorney was highly recommended but he charges a substantial fee just to meet with him to discuss my needs. I figure he is the one trying to win my business so why should I have to pay just for the initial meeting? Is this typical in Panama?

It will be extremely expensive to re-register all deeds for you on top of that and change the registered agent. What are you trying to do in more detail? Advanced international tax planning?

Why don't you pay for his advice, check his work and examples in the registro publico if needed and have a budget guy do it for you instead. My attorney charge $500 for each corp, provides all the documentation needed for paying my annual taxes and does not charge an annual fee.

I differ from Ed's point of view on this.

From my experience you get what you pay for. Almost every time I've tried to cut corners with cheap services and cheap products, I've been burned. Lawyers weren't an exception.

Pay for solutions that WORK. They're almost always guaranteed to pay off later on.

Contracts are one thing, but when it has related to corporations/foundations/banking I have always been forced to know what I want and know how to get it regardless. If you are very concerned about privacy and express this they will most likely recommend (regardless of how much you pay them) nominee directors for your corporation and a foundation on top of that for a completely anonymous ownership structure. In the end you might be sitting on a non-functioning corporation without bank accounts, or perhaps one if he can fix that at a handsome fee. By doing this they make you dependent on continuous services and can bill you for work endlessly. You need to be very careful and know exactly what you want yourself - I have friends who have paid more than 3000 dollars for the package above - in the end they had a stack of paper they could just throw in the waste bin.

Originally Posted by EdBowers

It will be extremely expensive to re-register all deeds for you on top of that and change the registered agent. What are you trying to do in more detail? Advanced international tax planning?

Why don't you pay for his advice, check his work and examples in the registro publico if needed and have a budget guy do it for you instead. My attorney charge $500 for each corp, provides all the documentation needed for paying my annual taxes and does not charge an annual fee.

All I need is a new corp formed and transferring a property from my existing corp to that corp. The new corp will have officers that I appoint. I also want various contracts and legal representation for this corp and help setting up a corp bank account.

I just want a bid to do these tasks. Is it customary for an attorney to charge a lot of money just to provide a bid?

What does it typically cost to change legal representative of a corporation from one attorney to another?

P.S> Since I landed in Panama everyone thinks I'm made of gold and have tried to fleece the shit out of me. They try to box you into a corner and then go for the kill and take everything you got. It's happened in just about every instance. They get you in a situation where you need them in the future and it would be too costly to revert back and then they gouge you dearly. It's getting out of control. Words of advice: come to Panama to retire and do nothing just like the locals. Do not come here to do business.

I never had to pay for an initial meeting with an attorney before. I'm not asking for advice but just a quote to do specific tasks. I can't imagine any local Panamanian willing to pay a huge sum of money just to interview an attorney and get a price quote. So am I getting the gringo gouge or what?

It depends what kind of lawyer I'm meeting for and what I want. If I want information (strategies, tactics, understanding local laws), it's normal they're going to charge me. Information is money.

I've met with labor attorneys in Panama for example and they charged me for the time. More and more lawyers in Panama are moving to charging for every minute they spend with you. I know Berta Sanchez has gone that way including many others.

As far as "gringo gouge" -- This is standard in North America. Except injury attorneys (that hope to make $250,000 on your case) -- very few lawyers give "free consultations".

Why do you need that? You will need to pay transfer taxes on the property most likely if you transfer it. You can change the board/directors/resident agent for your current corp. It should run you about 250-300 bucks.

Originally Posted by Felicity

All I need is a new corp formed and transferring a property from my existing corp to that corp. The new corp will have officers that I appoint. I also want various contracts and legal representation for this corp and help setting up a corp bank account.

I just want a bid to do these tasks. Is it customary for an attorney to charge a lot of money just to provide a bid?

Depends on how you do it. I just stopped paying mine and paid the annual tax myself. Problem solved. If you want to update the deed around $250-300, but what's the point? None, really, I might update it when I change secretary or similar in the future.

Originally Posted by Felicity

What does it typically cost to change legal representative of a corporation from one attorney to another?

I thought a Panama corporation always needs an official legal representative who receives all legal notices?

You need to have one registered on the deed, but you don't need to pay them a dime unless you have signed a contract to do so.

Even if you terminate the relationship with your current attorney the deed will stay registered as is. It will be very costly for the attorney to remove themselves and probably they cannot even do it without replacing themselves. If they put pressure on you, you simply have another attorney update the deed with a new one.

I imagine the best situation would be if your attorney died, then you have a properly registered deed but you cannot be served any documents - the ultimate asset protection solution - using attorneys 80 years plus only!

Originally Posted by Felicity

I thought a Panama corporation always needs an official legal representative who receives all legal notices?

Originally Posted by EdBowers

You need to have one registered on the deed, but you don't need to pay them a dime unless you have signed a contract to do so.

Even if you terminate the relationship with your current attorney the deed will stay registered as is. It will be very costly for the attorney to remove themselves and probably they cannot even do it without replacing themselves. If they put pressure on you, you simply have another attorney update the deed with a new one.

I imagine the best situation would be if your attorney died, then you have a properly registered deed but you cannot be served any documents - the ultimate asset protection solution - using attorneys 80 years plus only!

Ed, who has the power to change the legal representative of a corporation? Can I do it without permission of the currently listed attorney? I am majority share holder of the corporation but don't I need the original attorney to approve it? Can I hire another attorney to perform this deed change without the original attorney knowing about it?

To put it bluntly I'm trying to fire the attorney who is legal representative of my corporation but I don't want to piss him off such that he refuses to release his name or even worse decide to hijack the assets of the corporation. How can I get rid of him without him being aware he's being fired?

The legal representative is not the same as the resident (or registered) agent. Normal the legal rep is written in as the president or secretary if not available. Send me a PM with your corp name and I will take a look. Regardless you will be able to change both - you can infer this from the way the deed is normally setup.

Just stop talking to him would be best. A new attorney can update the deed without him being notified.

Originally Posted by Felicity

Ed, who has the power to change the legal representative of a corporation? Can I do it without permission of the currently listed attorney? I am majority share holder of the corporation but don't I need the original attorney to approve it? Can I hire another attorney to perform this deed change without the original attorney knowing about it?

To put it bluntly I'm trying to fire the attorney who is legal representative of my corporation but I don't want to piss him off such that he refuses to release his name or even worse decide to hijack the assets of the corporation. How can I get rid of him without him being aware he's being fired?