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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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We need some advice. We sold a large company in the Pacific

Customer Question

We need some advice. We sold a large company in the Pacific NW. We were approached by our attorney (that we have work with for over 20 years), that a local large corporation would be willing to buy our company for an amount we thought was unbelieveable. And, it was. The negotiations began in Oct. 2010, and at three separate meetings we asked him to give us an amount to sell our business. Each time, he said, not more that $15,000, when we received the final bill it was $31,000 plus, and the buyer was supposed to "split" the bill, but they were given a bill for $13,000. Our attorney is now hold up our "Transactional Final Documents" we need for taxes, etc. because we feel he should stick with what he quoted us at the beginning. The payment and the needed books are two separate issues. What can we do to get our transactional books, we have called him, e-mailed him, but he will not respond. Please help.
Submitted: 5 years ago.
Category: Business Law
Expert:  MShore Law replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. When you say, give you an amount, do you mean the amount the attorney would charge?
Customer: replied 5 years ago.
Yes. Our attorney quoted us his attorney fees to be no more than $15,000; we trusted his word, there
is no written documentation, just 20 years of trust. Then we get a bill for$ 31,000 and he is holding
our needed documents as hostage. We just want our closing docs and pay him $15,000:
Expert:  MShore Law replied 5 years ago.
Thank you, did he give you bills on a monthly basis?
Customer: replied 5 years ago.
No! He never sent any monthly statements. Just a closing bill, the transaction opened on 10-1-2010 and was completed on 12-30-2010, then we received a bill dated 3-24-2011, but just received about one week ago. NO MONTHLY STATEMENTS.
Expert:  MShore Law replied 5 years ago.
Thank you, despite the verbal representation, was there a retainer signed whereby you agreed to pay a fixed sum for each hour worked? If so, was the figure $15,000 mentioned?
Customer: replied 5 years ago.
We have 2 very thick binders, containing all of the documents, we cannot find any "retainer document" that specifically addresses payment. Again, there were no monthly payments, no signed "retainer document", please remember that this individual had been representing us for over 21 years. Our main issue, along with the payment, is that we need to receive our "Closing Document Books" for tax and other regulatory issues in our business. The question is: How do we obtain those needed books? Thank you.
Expert:  MShore Law replied 5 years ago.
You should send a demand letter for the return of your books threatening to report the attorney to the disciplinary section of the bar for failure to return such books knowing that such action would preclude you from complying with your tax filing obligation.