Dobby Law has a ten lawyers on staff who handle workers' compensation and workplace discrimination lawsuits. Lake has an excellent success rate and frequently wins large settlements for their clients. Because of the size of the settlements, many clients are interested in establishing trust to manage the investing and distribution of the funds. Dobby Law does not have a trust or estate lawyer on staff and is debating between hiring one using an attorney at a nearby law firm that specializes in wills, trust, and estates to handle the trusts of Dobby's Clients. Hiring a new assistant would require $120,000 in salary for the attorney, an additional 20% in benefits, a legal assistant for the new attorney for 20 hours per week at acost of $20 per hour, and conversion of a storage room into an office. Dobby spent $100,000 on redecorating the offices last year and has sufficient furniture for a new office. The attorney at the nearby firm would charge a retrainer of $50,000 plus $200 per hour worked on each trust. The retrainer is in addition to the $200 per hour charge for work on trusts. the average trust takes 10 hours to complete and Dobby estimates approximately 50 trusts per year. In addition, an external attorney would charge $500 for each trust to cover office expenses and filing fees. which option should Dobby choose?
Dobby Law has a ten lawyers on staff who handle workers' compensation and workplace discrimination lawsuits. Lake has an excellent success rate and frequently wins large settlements for their clients. Because of the size of the settlements, many clients are interested in establishing trust to manage the investing and distribution of the funds. Dobby Law does not have a trust or estate lawyer on staff and is debating between hiring one using an attorney at a nearby law firm that specializes in wills, trust, and estates to handle the trusts of Dobby's Clients. Hiring a new assistant would require $120,000 in salary for the attorney, an additional 20% in benefits, a legal assistant for the new attorney for 20 hours per week at acost of $20 per hour, and conversion of a storage room into an office. Dobby spent $100,000 on redecorating the offices last year and has sufficient furniture for a new office. The attorney at the nearby firm would charge a retrainer of $50,000 plus $200 per hour worked on each trust. The retrainer is in addition to the $200 per hour charge for work on trusts. the average trust takes 10 hours to complete and Dobby estimates approximately 50 trusts per year. In addition, an external attorney would charge $500 for each trust to cover office expenses and filing fees.
which option should Dobby choose?
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