If you are pursuing a civil lawsuit, you may have heard the term “contingency fee.” Read on to find out all you need to know about contingency fees and if that kind of agreement is right for you.
What Is a Contingency Fee?
Simply put, when an attorney works on a contingency fee agreement, the client will only pay fees if the lawyer is successful. In essence, payment is contingent on a favorable outcome of the case.
In this kind of agreement, attorneys receive a fixed percentage of any monies recovered from either an out-of-court settlement or a favorable verdict.
What Kind of Cases are Suitable for a Contingency Fee Agreement?
The most common situations for attorneys to work on a contingency fee are personal injury cases. In fact, most jurisdictions in the United States prohibit lawyers from working on this fee structure on criminal cases and some types of civil cases as well.
At the Baird Law Group, we typically handle all personal injury cases on a contingency fee agreement.
What Percentage is a Typical Contingency Fee?
The agreed upon percentage can vary on several factors such as the complexity of the case, the anticipated amount of a recovery or settlement, and if the case goes to trial or not. At the Baird Law Group, a typical contingency fee agreement is one third of monies awarded prior to filing a lawsuit and 40 percent once a lawsuit is filed.
If the case is not successful, again, there are no costs or fees charged to the client.
What are the Advantages of Contingency Fees?
As stated, clients will only pay out of any monies awarded to them after a successful outcome to a case, so there is little risk for the client in pursuing a case on a contingency fee. This allows any person to pursue legal action, regardless if they can afford an attorney out of pocket or not.
Clients can also rest assured that their attorneys will be zealously working as hard as possible to recover as much money as possible. Remember, the more money you get, the more money they get.
If you have a personal injury case and are interested in learning more about your options, call the Baird Law Group today at (813) 849.2679 or visit our site to learn more.