In a contingency fee agreement, the attorney representing you will be paid by taking a percentage of your award as a service fee. If he loses, the lawyer won't get anything. This situation works well when you have a winning lawsuit. The standard contingency fee for an attorney is a percentage amount rather than a fixed amount.
A contingency fee is a fee agreement that many law firms adapt to help reduce your out-of-pocket costs when filing a personal injury lawsuit. Simply put, if the accident lawyer you hire doesn't secure a settlement on your behalf, you don't have to pay you any legal fees. If your lawyer reaches a settlement on your behalf, he or she will deduct an agreed percentage of the final settlement amount as payment. In a contingent fee agreement, the lawyer agrees to accept a fixed percentage of the recovery, which is the amount ultimately paid to the client.
If you win the case, the attorney's fees come from the money you were awarded. If you lose, neither you nor the lawyer will receive any money, but you will not be required to pay your lawyer for the work done on the case. In certain types of cases, lawyers charge what are called contingency fees. Instead of billing by the hour, the lawyer waits until the case is over and then takes a certain percentage of the amount earned.
If you do not earn anything, the lawyer receives no fees or simply receives costs and expenses. This way, the lawyer shares your risk of losing or gaining less than expected. A contingency fee also rewards the lawyer for helping to earn a larger amount; the more the lawyer earns for you, the more the lawyer will receive. This payment method was developed to allow lawyers to aggressively represent those people who want to sue for damages but don't have the money to pay an attorney as the case progresses.
If you have a work, civil or personal injury case, the attorneys at Stoy Law Group can provide you with a free evaluation of your case. No win, no fee, personal injury lawyers are the most likely to hire a client on a contingent basis. In general, lawyers have much more experience in contingency fees than clients, so lawyers know better how to calculate contingency fees so that the lawyer is not at a disadvantage. But after a car accident, slip and fall, or other incident that causes you harm, you might need legal representation and without the money to pay an experienced personal injury lawyer.
If you hire an attorney on a contingency basis, keep in mind that the lawyer is first concerned about making sure that the lawyer benefits from the deal. Even though it's possible, it's rare for people to fund their own personal injury claims by hiring an attorney every hour.
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