For many people, paying for legal representation during a personal injury claim is one of the top concerns. The average person who has been injured through no fault of their own will have thousands of dollars worth of medical expenses and may be unable to work. As a result, they may be worried about how they will be able to afford an attorney.
This is where a contingency fee agreement comes in.
What is a Contingency Fee Agreement?
A contingency fee is a type of payment arrangement where the attorney only gets paid fees if they win the case. This means that if the injured person does not receive any compensation, the lawyer does not get paid any attorneys’ fees either.
The amount deducted from a settlement will depend on the law firm. But contingency fees are generally a percentage of the total amount of compensation that is awarded. For example, if an attorney secures a $100,000 settlement for their client, they may take home 33% of that, or $33,333.
There are a few key advantages of contingency fees, including:
- You Don’t Have to Pay Upfront: One of the biggest benefits of contingency fees is that you don’t have to pay anything upfront. This is helpful because many people who have been injured are unable to work and may not have the savings to pay an attorney.
- You Only Pay if You Win: As we mentioned above, you only have to pay your attorney fees if they win your case. This means that there is no financial risk for you as the client.
Of course, you don’t get paid unless you win with a contingency fee arrangement. Also, you may have to pay other expenses, including expert costs, court filing costs, and related expenses.
While contingency fees can be very beneficial for injured people who cannot afford to pay an attorney upfront, it is important to understand that not all cases are appropriate for this type of arrangement.
If you are considering whether or not to hire an attorney on a contingency fee basis, it is important to understand the factors involved with this type of arrangement. Our team is here to discuss contingency fees and other fee arrangements with you.
If you have been injured, contact our office today to schedule a free consultation with one of our experienced personal injury attorneys. We will review your case and help you decide if hiring an attorney on a contingency fee basis is right for you.