When involved in some type of personal injury accident (car accident, motorcycle accident, slip and fall accident), it is essential to have a personal injury lawyer representing you. In order to ensure that you will have your best shot at the compensation that you deserve, it is critical to have the guidance of an experienced legal professional.
Oftentimes when people find themselves in the position of the injured victim in need of a lawyer, they think that they cannot afford one. In reality, most personal injury lawyers operate on a contingency fee. What this means is that the individual is not expected to pay the lawyer for any services until a settlement is reached. At that time, the lawyer will take an agreed upon percentage of the settlement as payment for services.
Related: What is a contingency fee?
Contingency fees are ideal for both the client and the lawyer. If the client does not end up receiving a settlement, they will not be expected to pay the lawyer. This can take a large weight off the shoulders of someone if they know that they won’t be expected to pay money that they do not have.
How Does a Contingent Fee Work?
A contingent fee is taken if you win your case. If you lose a trial or there is no settlement, you do not owe your lawyer anything.
When a contingent fee is taken, it is usually 1/3 of the settlement that is received.
When a lawyer agrees to represent you, they are essentially taking a risk and putting work into your case without the promise of payment. If they do not end up winning your settlement for you, they don’t end up getting paid. A contingent fee essentially serves as motivation to work hard and help your client to receive the full settlement that is deserved for their injuries.
A contingent fee is ideal for a client because they are not required to come up with thousands of dollars to pay a lawyer out of nowhere. When they do pay their lawyer at the end of the legal process, the money will come from the settlement that was awarded.
The contingent fee agreement is decided upon prior to beginning the legal process with a signed agreement. We advise any injured victim to make sure that the contingent fee is listed at 33 1/3 percent of the settlement and is clear within the agreement.
If you have additional questions regarding how contingent fees work or what the legal process entails, contact our law offices today.