In personal injury cases, disability cases and workers compensation cases, you may hear contingency fee often. Let’s take a look at some further information about contingency fees, so you gain a better understanding.
The Definition of a Contingency Fee
A contingency fee means you only pay attorney fees if your attorney wins your case. If you win a settlement, you will owe your attorney a percentage of your winnings.
Who Qualifies for a Contingency Fee?
An attorney decides if he or she wants to work on a contingency basis. High-value cases like car accident and medical malpractice cases usually qualify for this type of fee structure. Many attorneys won’t agree to take cases unless they know they have a good shot at winning. A contingency fee may also motivate lawyers to work harder for their clients.
How Do Contingency Fees Work?
Most contingency arrangements are no win-no fee, so the client doesn’t owe any money unless the attorney wins the settlement. The contingency fee can be anywhere from 25 percent to 40 percent of the settlement. The fee can depend on the number of factors, like what type of case you have and the location of the law firm.
Benefits of a Contingency Fee
A contingency fee can relieve a lot of stress off clients. They likely already medical bills and other bills to worry about, so they don’t need the added stress of paying legal fees. They won’t have to worry about paying their lawyer, like a lawyer Fort Collins CO trusts, anything until the case is resolved. If the attorney doesn’t win the case, the client won’t have to worry about owing money.
A contingency fee is beneficial for lawyers because they have the chance to earn thousands of dollars from just one case. This motivates most lawyers to work extra hard for their clients.
Discover if You’re Eligible for a Contingency Fee
If you have suffered a personal injury, it is in your best interest to talk to an experienced personal injury attorney. He or she can evaluate your case and determine if you have a strong claim or not. Many personal injury attorneys also offer free initial consultations, so you have nothing to lose by speaking to one. During the initial consultation, a personal injury attorney can advise you on the best way to proceed with your case. If you don’t have a strong case, a lawyer can let you know right away.
Thanks to our friends and contributors from Cannon Hadfield Stieben & Doutt, LLC for their insight into contingency fees.