I have an EB5 project that I am looking to make plans for. I want to find a lawyer who can help make plans, verify through economists that things will work, and get the project in front of the right people. How do payments to EB5 investments work? Do lawyers charge upfront costs?
Payment depends on the attorney and what his/her services include. Generally, attorneys require part of the fee upfront. Be sure to discuss this with an attorney prior to retaining his/her services.
Yes. You need to pay at least part of the attorney fee upfront so the attorney can work for you.
The first professional you retain is the experienced EB-5 attorney who the hires the experienced team of professionals who have the EB-5 expertise. Each of the professionals will usually state set of fixed fees plus costs to provide the required services. Deposits or retainers are paid according to the written and signed agreements of representation to start the representation. It is advisable to retain first the services of the EB-5 attorney to advise you of the process and assist you choosing the team of professionals.
I think most attorneys will charge an upfront fee. You need to talk to different lawyers in order to find the right one that you would like to work with.
There are as many different payment arrangements as there are EB-5 immigration lawyers. These are open to negotiation between the attorney and the prospective client. It is important to select an attorney with EB-5 experience and expertise. You don''t want to get a good deal on the payment terms, but not get the result you desire.
We handle most cases with an investor on a flat fee basis. To assist the project in getting EB-5 ready we can work on either an hourly or flat fee basis once it is known what you require from us versus other professionals.
There is no one answer for this. It depends on the individual attorney and how his/her firm structures the retainer and payment. You can always negotiate upfront how you would prefer the payment structure to be and work with the attorney to find a way that suits both. Same for what type of service is included in the legal fee (ie., relationships with economists, and attorney''s role in the entire process, etc).
Many EB-5 attorneys work on a flat-fee basis (compared to the hourly or contingency fee basis many are familiar with for other types of law). These charges are often due initially, as much work will have to be done to make your EB-5 project marketable and compliant with current rules and regulations. We believe that this is money well spent, as it will result in an approvable and more marketable project.
Most lawyers will provide a limited amount of their time without a fee. After that, most lawyers insist on some sort of deposit or retainer to further analyze, and, if warranted, proceed with the matter.
Yes, there are upfront costs. But, as you have indicated, the best procedure to use is to verify your project can work. I recommend starting by hiring an immigration attorney to advise on the necessary evidence needed by the USCIS, and also having an economist conduct a type of feasibility study on the potential for the creation of jobs. Speaking with international marketing agents to evaluate the appetite abroad for a project such as yours is critical.
Attorneys often require an advance against fees or retainer. The specifics of payment plans will vary from attorney to attorney and something they should be able to discuss with you during a consultation.
