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What is a contingency fee and is that arrangement right for you?

On Behalf of | Mar 9, 2022 | Personal Injury

A lot of people who are injured in a car accident are worried about how they’re going to make ends meet. Medical bills quickly come due, and lost wages can make it difficult to pay your rent or mortgage. It might even be hard to put food on the table. Although a personal injury lawsuit may help alleviate these money woes, a lot of car accident victims are worried about how they’re going to pay for an attorney to represent their interests.

What is a contingency fee?

The good news is that a lot of personal injury attorneys work on a contingency fee basis. This means that you won’t have to pay them unless you win your claim. At that point, you’ll pay your attorney a certain portion of your recovery. This type of fee arrangement has a lot of benefits, including each of the following:

  • No risk: To start, there’s no risk to you. If you lose your case, then you owe your attorney nothing. But if you win, then you’ll recover compensation without feeling the pain of having to pay for an attorney out of your own pocket. Sure, you’ll have to pay some of your settlement amount, but we find that such an arrangement is a lot easier on car accident victims, especially if you don’t have the money upfront to hire a lawyer.
  • Your attorney will be motivated: Since your attorney will only get paid if you win your case, your attorney is going to be motivated to put forth the strongest, most persuasive case possible. This means that with a contingency fee arrangement you can rest assured that you’re receiving the best representation possible.
  • You can better gauge the strength of your case: A lot of contingency fee-based attorneys will only accept a case if they’re fairly confident that they can recover compensation on your behalf. After all, they want to reduce the risks on their end and ensure that they get paid. So, if you speak with one of these attorneys and they agree to take your case, then you know there’s a decent chance that you’re going to recover compensation.
  • A degree of certainty: The contingency fee that you’re charged will be presented up front. Although you may not know the exact amount of your recovery, your attorney may be able to give you a rough estimate so that when you apply the contingency fee, which is usually a certain percentage of your recovery, you have at least some idea of what you might pay. If you pay an attorney on an hourly rate, on the other hand, you may not know how much you’re really paying until your case is finished and you get a bill. This can leave you with a lot of uncertainty and a bigger bill than you expected.

Find the legal representation that is right for you

We know that you have a lot of options when it comes to legal representation. The plethora of attorneys out there can leave you confused and uncertain of where you should turn for help. But by researching these firms and talking to the legal teams at them, you can gain a better sense of which advocate is right for you. Just be sure to consider each firm’s experience and track record of success.

Our firm takes pride in its ability to represent its clients, and we have the record to show that we’re aggressive and successful in our advocacy. So, if you’d like to learn more about what our firm has to offer, then please continue to read our website.