Can You Barter For Legal Services?

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Can You Barter For Legal Services?

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March 09, 2012

I wrote a few weeks ago in Your Smart Money Moves about how I found out through my research that the only people who can own or revenue share with a law firm are the lawyers themselves. You have to give it up to the lawyers to be the only professionals who essentially blocked the rest of us out from owning a law firm. But does the consumer lose with these sets of laws? Over the years, I can't tell you how many times I have heard clients utter the words, "I guess the only one who is going to win here are the lawyers." Mostly, I think people fear going to see a lawyer because of the unknown of just how much it is going to cost them to do work. It doesn't matter whether it's estate planning, divorce, or doing contract review.

I think over the next ten years we will see the legal field change its pricing structure from the old traditional hourly rate to newly formed models as customers demand a more fair and up front way of pricing legal services. Certainly, sites like www.legalzoom.com have begun to change the industry, and new sites on the internet like www.shpoonkle.com are really interesting non-profit companies trying to help people who need legal work get it for a fair price.

Shpoonkle.com is the brain child of CEO Robert Niznik, who founded the start up last year at age 21, and just finished law school in December 2011. With unemployment at an all-time high for all professionals, Niznik wanted to create a service that would create jobs for legal professionals and also facilitate affordable legal services. I spoke to one of the director of operations within Shpoonkle who talked to me about giving people the ability to barter for legal services beyond paying for legal services at an affordable price.

Finding a solution that is free, and allows convenient and easy access to the legal help that consumers can actually afford is a huge advantage to everyone. Shpoonkle allows people the opportunity to post your legal case for free, bid out a job to other legal professionals, and then connect and save money. This free site and service has been met with a lot of controversy. Many in the legal profession are resistant to the idea and of course lowering their paycheck, while consumers love saving money. The legal consumers on the site are saving 30% off the national average of legal fees (hourly and contingency). (source: Shpoonkle)

Almost all services from televisions to automobiles to tax returns have faced pricing pressure due to the overwhelming about of consumer information and internet competition over the past decade. In the next decade, there is no doubt people will continue to need quality legal help. I don't think you'll be able to exchange your lawnmower to your neighbor for an hour of legal counsel, but certainly the wave of flat fee pricing and bartering for legal services is coming to a town near you soon!

Visit to www.oxygenfinancial.net to request a free consultation with the leading financial experts for people in their 20's, 30's, and 40's in the country. The Leaders in Gen X & Y Financial Advice

Written by:

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder of oXYGen Financial, Inc

Securities and Investment Advisory Services offered through NFP Advisor Services, LLC (NFPAS), Member FINRA/SIPC. Oxygen Financial is not affiliated with NFPAS. NFPAS does not provide tax or legal advice. This site is published for residents of the United States only. Registered Representatives and Investment Advisor Representatives of NFP Advisor Services, LLC (NFPAS) may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact NFPAS Compliance Department at 512-697-6000. PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. NFP Advisor Services, LLC makes no representation as to the completeness or accuracy of information provided at these web sites. Nor is NFP Advisor Services, LLC liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. https://Bit.ly/KF-Disclosures

This site is published for residents of the United States only. Registered Representatives of Kestra IS and Investment Advisor Representatives of Kestra AS may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact Kestra IS Compliance Department at 844-553-7872.

PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. Kestra IS and Kestra AS makes no representation as to the completeness or accuracy of information provided at these web sites. Nor is Kestra IS and Kestra AS liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.