You might think that the lower the purchase price of a business or real estate, the lower the legal fees. In other words, you might assume the legal fees for the purchase of a $100,000 business should be significantly lower than the legal fees for the purchase of a $1,000,000 business. But here's the thing: most transactions require the same amount of legal work, regardless of the purchase price. Therefore, because legal fees are typically billed based on the amount of time spent providing legal services, purchase price has little influence on legal fees when the same documents need to be negotiated, drafted, and reviewed and the same tasks have to be accomplished for deals with widely different purchase prices.
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