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A legal services payment plan agreement is established between a client and a lawyer or attorney owed money for services provided. This video tutorial covers how to create a contract, where to find templates, and the reasons for using such agreements. Legal payment plans are commonly used for expensive services when clients can't pay in full upfront, allowing for incremental payments without high interest rates typically associated with other payment plans. However, there can be significant penalties for late payments. Essential elements to include in the contract are the parties' names, a description of the services, total balance due, and the repayment plan detailing down payment, interest rate, and payment schedule.