What is a Contingency Fee?
November 21, 2017 -
A contingency fee is a type of attorney and client payment arrangement, commonly utilized in personal injury cases in the United States, according to Cornell Law School. With a contingency fee agreement, a client pays nothing in the way of attorney fees unless a claim or lawsuit is successful.
A contingency fee must be reasonable, according to the American Bar Association. Typically, the fee assessed upon the successful conclusion of a case pursuant to contingency agreement is a percentage of compensation obtained. Oftentimes, the fee is about 33 percent of the compensation awarded. If the judgment in a lawsuit must be appealed to a higher court, a bit more money usually is assessed for an attorney fee, pursuant to a contingency agreement.
In addition to attorney fees, an injured person usually will not be responsible for the costs associated with pursuing a case unless a favorable outcome is obtained by legal counsel. The costs associated with pursuing a claim or lawsuit are deducted from the final settlement of judgment in a personal injury case.
Unlike some other types of fee arrangements utilized by attorneys, a client does not need to pay a retainer when a contingency fee is utilized. In other words, a client need not come up with any money in advance of hiring legal representation in a personal injury case.
If you have been injured in an accident caused by someone else’s negligence, the first step in protecting your legal rights is scheduling an initial consultation with Renya injury lawyers. You can schedule a preliminary appointment by contact Reyna Law Firm any time that is convenient for you. In the same way that the firm charges no attorney fee unless the legal team prevails in your case, there is no charge for an initial consultation.
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