What are Contingent Fees?
You have been involved in an automobile accident that is not your fault. Yet, you are the one suffering from a myriad of effects from the automobile accident. This may include:
- Property Damage and having to work with the insurance company to get your automobile fixed;
- Physical injuries and pain and suffering;
- An inability to return to work;
- Doctor’s visits – taking into account both time associated with the visits as well as the medical expenses; and
- Out of pocket costs associated with prescriptions, medical care, co-pays, etc.
The foregoing is just a start of the expenses associated with an automobile accident. So, how are you ever going to afford an attorney to help protect your rights? Answer: A contingent fee. What exactly is a contingent fee, you ask?
According to the American Bar Association, a contingent fee is described as:
A client pays a contingent fee to a lawyer only if the lawyer handles a case successfully. Lawyers and clients use this arrangement only in cases where the money is being claimed—most often in cases involving personal injury or workers’ compensation.
In a contingent fee arrangement, the lawyer agrees to accept a fixed percentage.
The article goes on to state,
If you win the case, the lawyer’s fee comes out of the money awarded to you. If you lose, neither you nor the lawyer will get any money, but you will not be required to pay your attorney for the work done on the case.
This means that if you do not recover money for your case, the attorney does not earn a fee. The basic concept being that a client does not have to front any or minimal upfront expenses associated with retaining a lawyer. After all, you are the victim of a personal injury case. We are here to help minimize the strain on your life, not add to it. After a contingent fee agreement is reached, the lawyer will cover the costs associated with your case’s work-up. Costs related to your case can include obtaining medical records, paying a filing fee (should litigation need to be initiated), retaining experts, paying for depositions, and obtaining reports, including a police report.
If you are intimidated by hiring an attorney, contact our office to see how simple the process can be and how we can provide you comfort in a difficult situation.