Illinois Referral Agreement
Description
How to fill out Referral Agreement?
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FAQ
Kickbacks and referral fees are essentially a hidden markup on the product or service. If they are not disclosed, they have the great potential of violating trust between the referrer and the individual being referred. Things have a way of leaking out.
The Glossary defines a Prohibited referral fee as a payment prohibited by section 56 of LASPO or a payment made to or by you which appears to the SRA to be a referral fee for the purposes of section 57(7) of LASPO, unless you show that the payment was made as consideration for the provision of services or for
The standard referral fee percentage could be around 10% for closed jobs. It could start at 2 5% for an email introduction with the client and go up to 15 20% for projects where the referrer deals alone with the client. You could also work with flat referral fees.
What percentage are typical sales referral fees at agencies? Most common, in my experience: a referral fee for 10% of revenue. Second most common: a referral fee for 5% of revenue. After that, it tends to be a mixfor instance, 20% of the first month's retainer, and nothing after that.
They are basically endorsements. So many attorneys avoid referral fees altogether to avoid potential ethical issues -- such as referring cases based on financial considerations rather than client interests.
If you're going to ask for or receive a referral fee, put it in writing. A one-page letter of agreement works best. State the reasons, the rate, and the terms. If someone is referred, but does not sign and no work is done, should you pay a fee or not?
To sum up briefly: A referral rate is the number of referred purchases as a percentage of the number of your total purchases. The global average referral rate is 2.3% while the electronics and gadgets industry has the highest referral rate of 3.4%. A 2% referral rate is considered a good referral rate for any industry.
A referral fee is a commission paid to an individual who brings new customers to your business. Sometimes, businesses pay referral fees in exchange for a client introduction. But more often, a referral fee is tied directly to a sale.
Accepting a referral fee is considered a business transaction with the client, not the provision of legal services, and is governed by Rule 1.8 of the Illinois Rules of Professional Conduct.
