Billable Hour
An hour that a lawyer spends doing work for a client at the hourly rate.

Contingency Fee
A fee paid after successfully completing the work. This is usually calculated as a percentage of the gain obtained for the client.

Corporation
A legal entity wholly separate from its owners - the shareholders or stockholders. Corporations are formed by filing articles of incorporation with the Secretary of State.

Cost Advance
This is a periodic advance payment for expenses associated with litigation.

Fixed Fee
This fee is a specific amount of money for a specific service.

Joint Venture
A business enterprise entered into by two or more people who enter into the business with the understanding that each will share in the profits and losses of the enterprise.

Limited Liability Company (LLC)
These are unincorporated businesses that are similar to both corporations and partnerships. Members are protected from personal liability for the debts of the company.

Limited Liability Partnership
A partnership in which the liability of all partners is limited. Generally, the partners are not responsible for the debts, obligations, or liabilities of the partnership resulting from the actions or negligence of another partner, employee or agent of the partnership.

Limited Partnership
A partnership in which the duties and obligations of the partners are divided between "general partners" and "limited partners."

Mixed Fee
This is a combination of contingency and hourly fees.

Retainer
A fee paid to a lawyer for advice or services or for a claim on services when needed.