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Combining past experiences in business and law, Olen M. "Mac" Bailey, Jr., formed The Bailey Law Firm in 1996 with the vision of becoming the preeminent estate planning law firm in the Mid-South. This new venture was based on three basic principles: (1) Focused Practice Areas; (2) Fixed Fees; and (3)Reasonable Response Time Periods.
While other law firms strived to be "full-service" firms offering legal advice in all practice areas, Mr. Bailey realized that the legal profession was approaching specialization similar to the health care field. Therefore, Mr. Bailey focused his practice in a few related areas, simultaneously building expertise and a market niche in a growing sector of the law.
While other law firms charged purely hourly rates with no capitation for all legal services offered, Mr. Bailey realized that most consumers were more comfortable with the known, rather than the unknown, when paying for goods and services. Therefore, Mr. Bailey developed a mixed fee structure consisting of fixed fees for estate planning documents and entity formation, a combination of hourly rates and percentage fees for probate matters, and hourly rates with some capitation based on projected fee ranges for all other services.
While other law firms mimicked the "slow wheels of justice" in their response times, Mr. Bailey realized that the completion of an estate plan is time-sensitive matter. Therefore, Mr. Bailey invested time and financial resources in technological systems designed to increase the "turn-around" time for client projects. |
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