People do not often encounter contingent fee agreements. Most professional services are usually rendered on a flat fee or hourly fee basis. However, with a contingent fee contract, an attorney will only receive compensation for their work after their client successfully recovers damages. If they lose the case, the lawyer may not get paid. If they win the case, the lawyer will take a percentage of the award. Before you enter into a contingent fee agreement with an attorney, make sure you understand the specifics of the contract.
Contingent Fee Agreements in Personal Injury Cases
Contingent fee arrangements are common in personal injury claims. This can be a very beneficial deal for both the attorney and the client. The attorney will fight for their client, to ensure they get the best settlement or award possible. The client gets the benefit of an experienced attorney, no matter what their income level may be. The client also does not have to worry about up-front costs. Litigation costs can be very expensive, and a contingent fee agreement allows an injured individual to seek compensation without having to pay anything until they win their case.
When you meet with your personal injury attorney, make sure you understand how the contingent fee agreement works. If you are unsure about the contract, make sure the attorney explains everything to you before you sign the contract. If the attorney is pressuring you to sign the agreement without explaining the terms, you may want to contact another attorney.
A contingency fee agreement in a personal injury case provides that the attorney will take a percentage of the award they win for their client. The percentage is generally about 33 ⅓%, but could vary depending on the case. In some cases, the percentage may be lower, in other situations the percentage may be 40%. There are a number of factors that go into determining the contingent fee agreement.
Contingent Fee Negotiations
The contract you and your attorney sign will include the terms of your attorney-client relationship, as well as the basis for how attorney fees are paid. In the case of a contingent fee agreement, it should include the method by which the fees are determined. Like many fee agreements, attorney fees can be negotiated. This includes flat fee, hourly rate, and contingent fee agreements. The fee agreement may depend on the likelihood of recovery, the amount of possible recovery, the novelty and difficulty of legal issues, time and labor required, the customary fee, and the experience and ability of the attorneys providing their legal services.
In addition to negotiating the contingent fee percentage, you may also want to talk to your attorney about other terms of the agreement. For example, you could negotiate a different fee based on when your claim is concluded, such as a lower fee percentage if the case settles before a lawsuit is filed, or a higher fee if the case goes to a jury trial. You may also be able to negotiate whether costs and expenses are deducted before or after the contingent fee is calculated.
When negotiating your contingent fee agreement with your attorney, it is important to consider more than just the straight percentage. You also need to make sure you are hiring the best lawyer for you. Your lawyer should be someone you can rely on, someone who will answer your questions, and someone who will fight for you no matter how tough the battle gets. The amount of your recovery can depend on the lawyer you choose to stand by your side.
Hiring Your Philadelphia Personal Injury Attorney
When you hire a personal injury attorney, you should make sure you understand how the contingent fee agreement works, and what it means for your recovery. At Gilman & Bedigian, we can offer you a contingent fee agreement with no up-front fees and no out-of-pocket costs to you. We will make sure you have a full understanding of the attorney-client agreement, and what you can expect from our experienced attorneys. We receive nothing unless we win your case. If you are considering filing a personal injury case please do not hesitate to call our office today for a free consultation.