People who are wrongfully injured by a negligent third party can find themselves out thousands of dollars in only a few days or weeks. Medical bills accrue rapidly, especially when the injury is severe and requires hospitalization, and taking time away from work means unfairly losing wages they should have earned. Filing a personal injury claim is often the only way to pursue compensation for the resulting economic and noneconomic damages. Yet a personal injury attorney is often key to actually winning a verdict or settlement, which can make some people concerned about finding the finances to retain their services.
Contingency fee agreements can take those concerns and wash them away. A personal injury lawyer who agrees to work for contingency fees states that they will not require payment for attorney fees unless they win their client’s case to some degree. This agreement effectively takes the monetary risk out of filing a claim, as plaintiffs can pursue justice with only minimal out-of-pocket expenses, if any are required at all.
You can also find peace of mind in that contingency fees will pay your attorney based on a percentage of your winnings or award. You do not have to worry about your lawyer ending up with more money than you when your case ends since contingency fee percentages tend to range between 25% and 40%. Each case is different than the next, though, and a variety of factors can lower or raise the contingency fee percentage. If your case is complicated and expected to take a while to conclude, then you can probably assume a higher contingency fee percentage will be used. Be sure to ask your attorney how they determine fair percentages before retaining them.
It is also important to realize how contingency fee agreements add extra incentive for your attorney to succeed with flying colors in your claim. As a contingent lawyer will only collect a payment if they win, they must do everything in their abilities to ensure that happens, whereas hourly- or flat-rate lawyers can relax knowing they are getting a paycheck no matter what. Furthermore, by securing a maximized compensation amount for their client, a contingent attorney also maximizes their own payment since they are paid using a percentage. Once again, this is another layer of motivation that benefits the client.