Jul 1

Contingency Fee Lawyers – What Does That Mean for Me?

by Tate Law Offices, P.C.Contingency Fee

Scale of justice

One of the biggest issues many people face when considering enlisting the help of an attorney is that of cost. Hiring a personal injury attorney out-of-pocket may be a barrier to many people seeking counsel, and may seem risky given the possibility that the verdict may ultimately be returned in the defendant’s favor.

In order to provide injured parties with quality legal representation, without making them fear for their finances, some attorneys opt instead on a contingent basis, which should be a consideration for anyone interested in filing a personal injury claim.

What Are Contingent Fees?

Lawyers generally charge based on three different types of fee agreements: flat fees, hourly fees, and contingent fees. The first two can potentially place a significant financial burden on the injured party depending on verdict, while in a contingent fee agreement the burden is on the attorney.

According to the American Bar Association, “a client pays a contingent fee to a lawyer only if the lawyer handles a case successfully.” This is a type of fee agreement generally used in cases where damages may be awarded, such as personal injury or workers’ compensation claims. The basics of a contingent fee agreement are simple: a lawyer agrees to handle the case in exchange for a certain percentage of the awarded money. This means that if the injured party is successful in their claim, they will eventually receive the agreed upon percentage of the final award, with the rest going to their legal counsel. Contrarily, if the verdict is returned in favor of the defendant in the case, the injured party then bears no financial burden, and the lawyer is then left uncompensated for the legal services they provided.

Furthermore, not all contingent fee agreements are the same; a lawyer may agree to take a smaller amount of the award upon the return of a successful verdict, or may take a smaller portion if less work is provided than originally assumed, such as in the event of an early out-of-court settlement. It is important to discuss a contingent fee agreement with an attorney before deciding on the appropriate course of action.

Why Do Attorneys Offer Contingent Fee Agreements?

Those seeking compensation for injuries sustained in car accidents, workplace accidents, or any other accidents caused by a result of another’s negligence, may already face financial difficulties; these injuries may require expensive medical treatments and rehabilitation efforts, and may even prevent the injured party from returning to work. In the event of a wrongful death case, the decedent may have provided for family members, leaving the survivors with serious financial concerns.

Personal injury attorneys who offer contingent fee agreements understand the often difficult and harrowing circumstances faced by those who are filing personal injury claims, and choose instead to shoulder the financial burden themselves. Contingent fee agreements help provide competent legal service to injured parties, without placing any extra strain on them in an already trying time.

Contact a Contingent Fee Agreement Attorney Today

If you have been injured due to someone else’s negligence or intentional actions, you shouldn’t fear initiating a lawsuit because of financial concerns. Instead, contact one of our experienced Texas personal injury attorneys by calling 888-662-3892 today for legal counsel. We can provide you with quality legal representation, and we won’t charge for anything unless we are successful in your case.