In Luciani v. Hill Wallack, 329 N.J.Super. 170, 746 A.2d 1097 (Ch.Div.1999), the court considered whether the discretion exists to downwardly adjust a fee notwithstanding the result obtained from an application of the rule's formula. There, the principal amount due on the mortgage was $ 583,441.69 and the fee derived from the formula was found to be $ 5,984.42. Id. at 173, 746 A.2d 1097. Counsel for the mortgagee acknowledged that due to the small amount of work involved "the reasonable value of the time expended would have amounted to only $ 962.50, about one-sixth the amount actually charged." Id. at 173, 746 A.2d 1097.