If you’ve been injured and you’re looking for a personal injury attorney, you may find that they tend to work on contingency fees. But if you have not been through one of these cases before, you may be unfamiliar with this payment structure. Sometimes, people worry that it means they have to pay a specific fee up front, which could be unaffordable for them.
But contingency fees are actually the opposite: They mean that the injured party doesn’t pay until the legal team wins the case. There is no upfront fee. The client doesn’t have to pay to keep their lawyer on retainer or pay them a set amount of money just to try and win the case. Instead, the lawyer will take the case for free and then take a percentage of the settlement if they win.
What are the benefits?
There are many benefits to contingency fees. First of all, it means that people can seek the compensation they deserve without risk. It also removes a potential barrier that may stop people from starting a case. If you knew that you deserved $100,000 in compensation but that it would cost you $20,000 even to file your case, you may think that is too big of a risk. What if you spend the $20,000 and then lose the case? But with contingency fees, you would only have to pay after receiving the settlement.
This means the exact cost differs with every case. Often, lawyers will set up a percentage at the beginning. Perhaps two-thirds of the settlement will go to the client and the other third will go to the lawyer. The specific amounts depend on how much the court awards in that case.
Have you already been injured and are you looking for legal representation? Be sure you know exactly what options you have.
