Paralegal 101 Chapter's 1 & 2 Study Guide Rated A+

Explain hourly fees {Ans: -Most law firms charge clients hourly rates for legal services. -Law firms also bill clients for hourly rates for paralegal services. (NOTE: although the services the paralegal provides might be billed to the client at a certain hourly rate, the firm will NOT actually pay the paralegal whatever the hourly cost is in wages. The bill goes into expenses for the law firm.)}What is a sole proprietorship? {Ans: -a business owned and managed by a single individual. - Sole Proprietor is entitled to any profits made by the firm, but is also liable for all of the firms debts or obligations.}Definition of Intellectual Property {Ans: Property that results from intellectual creative processes (ex: Copy Rights, Patents and Trademarks)}ABA's response to double billing {Ans: " Attorneys are prohibited from charging more than one client for the same hours of work"}Define Value Billing {Ans: The fees charged to the client vary depending on the results on the representation (EX: Whether a lawsuit won, lost, or settled)}Definition of Paralegal according tot he American Association for Paralegal Education (AAfPE) {Ans: A person that performs substantive and procedural legal work as authorized by law, which