Contingency fees are a common payment arrangement for personal injury lawyers. This type of fee agreement allows individuals who may not have the resources to pay an attorney upfront, the opportunity to seek legal representation. It essentially means that the lawyer’s payment is contingent on winning the case and securing compensation for their client.
In a contingency fee agreement, a personal injury lawyer will take on your case and cover all necessary expenses with no upfront cost to you. These expenses can include investigation costs, expert witness fees, court filing fees, and other litigation costs. The attorney assumes all financial risk during the course of litigation.
The benefit of this arrangement is that as a client, you only pay if you win your case. If your lawyer successfully secures compensation either through settlement or trial verdict, they will then receive a percentage of that amount as their fee. The specific percentage varies but it typically ranges from 33% to 40%.
For example, if you were awarded $100,000 in damages and your attorney’s contingency fee was 33%, they would receive $33,000 from your award. Importantly though, this does not mean that you walk away with $67,000 because there might be additional costs such as medical bills or liens which need to be paid out of your share.
However, it’s important to note that if no recovery is made – meaning if you lose your case – generally under a contingency fee agreement you owe nothing to the attorney for their time spent on the case. This makes hiring an attorney feasible for those who otherwise wouldn’t be able to afford one.
Before entering into any legal contract with an attorney it’s crucially important that clients fully understand how these fees work including what percentage will be taken should they win their case and what specific costs might come out of their pocket before any money goes towards paying legal fees.
It’s also worth noting that while most personal injury cases operate under this kind of fee agreement, not all do. Some lawyers may charge hourly rates or flat fees for certain types of cases. Therefore, it is always important to discuss payment arrangements before hiring an attorney.
In conclusion, contingency fees can provide a viable way for individuals to seek justice and compensation without the worry of upfront legal costs. It allows access to experienced personal injury attorneys who are motivated to win your case because their pay depends on it. However, like any financial decision, understanding how contingency fees work is essential before signing a contract with a personal injury lawyer.
Munley Law Personal Injury Attorneys
1617 John F Kennedy Blvd #1690, Philadelphia, PA 19103
12155157747
