What Is a Contingency Fee and How Does It Work?

Almost 96% of personal injury cases are usually settled pre-trial. This can happen in the presence or absence of lawyers. The only challenge you will face when you want to engage a lawyer to help with your personal injury case is that you might not have money to pay for their services upfront. Like any other professional, lawyers charge for their services. Fortunately, there is a way you can still get a lawyer to help with your case even if you don’t have money to pay for their fees. In such cases, you can work with a lawyer on a contingency-fee basis.

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What Is a Contingency Fee?

What Is a Contingency Fee?

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After a car accident, a slip, or a fall, you might find yourself in need of a lawyer. However, in most instances, you won’t have the money to pay for their services. On the other hand, to win your case, you will need an experienced personal injury lawyer. A ‘contingency-fee basis’ arrangement can be made between you and the attorney. But how does such an arrangement work?

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How Does it Work?

With a contingency fee agreement, your personal injury lawyer will only receive payment after you have also received some kind of monetary recovery in your case. This will happen if the lawyer helps you to win the case. The payment that you will make to your attorney after winning the case is contingent upon you getting compensation.

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What Does it Involve?

When working out a contingency fee, you and your attorney will agree on a percentage of the money they will take from your recovery. Usually, most lawyers will take a 33% cut from your winnings. However, the exact amount of money your lawyer might require depends on how complex the case is and who will pay the litigation costs. The fee is different from case to case, and you can learn from your lawyer which cases require higher or lower fees and why.

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If you are dealing with a risky and complex case, your attorney will likely require a higher contingency fee.

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Instead of the regular 33%, you might end up having to pay your lawyer 35% to 40%. On the other hand, simple cases that have a high chance of ending in recovery typically have a low contingency fee. Some lawyers will demand 20% or 25%.There is no need to worry about paying for lawyer services. Work with your lawyer on a contingency-fee basis that is both acceptable to you and meets the needs of your lawyer. Get the help you need to win your case without suffering financially and make the win worth it.