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A contingency fee is only paid when a certain event occurs; as it pertains to personal injury cases, a contingency fee agreement is one in which the plaintiff’s personal injury lawyers are paid for their legal services only if they win the case. This arrangement is common in personal injury cases, as it provides injured victims with access to high-quality legal representation without having to pay a significant amount upfront.
Many Boca Raton personal injury attorneys, like those at our firm, provide legal representation on a contingent basis, but it’s important to know what you’re getting into before you sign a contract for legal services.
How does a contingency fee work?
The American Bar Association (ABA) establishes rules for contingency fee agreements, as outlined in its Model Rules of Professional Conduct, to make sure that plaintiffs are treated fairly throughout the legal process. Law firms that assess attorney fees on a contingency fee basis receive a percentage of the final award for their services, instead of charging clients an hourly fee, as you’d see in a divorce or criminal case.
Instead of incurring further financial strain, clients can secure quality legal advocacy and benefit from their chosen firm’s resources, including expert witnesses, investigators, and legal researchers. Many personal injury plaintiffs are already facing high medical bills and other financial challenges; postponing payment of legal fees until after they secure a settlement (and the bonus of not having to pay them if the lawyer is unable to obtain a settlement) is an attractive option.
Most personal injury attorneys charge between one-third and 40% of any recovery in the case, which covers not just the lawyer’s time, but all other legal expenses, as well. The exact number depends on the complexity of the case, the stage the case is resolved (i.e., cases that resolve at trial may cost more than cases resolved through sending a demand letter)
Legal and ethical considerations for contingency fees
All U.S. attorneys are bound by certain professional rules of conduct set by the ABA. ABA Model Rule 1.5 governs professional conduct regarding attorney fees. The rules require that all attorneys’ fees be stated in a signed written agreement and that any contingency fees be fair, reasonable, and in the best interest of the client.
Be sure to ask your lawyer about what, specifically, the contingency percentage includes; some lawyers may bundle the full expenses of litigating your claim into their fees, while others may charge for expenses such as court costs and expert witness testimony separately.
Don’t forget to ask what happens if the lawyer loses your case. Some lawyers may charge for court fees and other expenses to recoup some of the costs of litigation.
Is a contingency fee payment right for me?
If you’ve been hurt in an accident, have high medical bills, and will be out of work for days, weeks, or longer, then contingency fee payment for legal services can help you access the legal services you need without adding more debt.
Contingency fees benefit lawyers, too; attorneys choose which cases to take, and typically won’t offer contingency fee representation unless they’re pretty confident they’ll win (and get paid!).
Our contingent fee lawyers want to hear your story
After an injurious accident, you have enough on your plate without worrying about how you’ll pay for a lawyer. The attorneys at Lytal, Reiter, Smith, Ivey & Fronrath provide comprehensive legal advocacy for individuals like you, leveraging our firm’s extensive resources and decades of combined experience. We offer a complimentary initial consultation and can explain how litigating your claim works on a contingent basis. Call (561) 655-1990 today for a free consultation.