How Do Contingency Fees Work in Personal Injury Cases?
Posted on Mar 29, 2019 in Personal Injury
You’ve likely seen TV commercials, billboards, or other ads featuring personal injury lawyers saying something like: “You pay nothing unless we get compensation for you” or “If we don’t win, our services are free.”
This arrangement is what is known as a contingency fee; that is, whether the attorney gets paid is entirely contingent on whether he or he is successful in obtaining compensation for their injured client. Almost all personal injury attorneys represent injury victims on a contingent fee basis.
The Risks Are All On Your Lawyer
When you hire an injury lawyer under a contingency fee arrangement, he or she will bear the costs and the risks involved in pursuing compensation for you. This means that your attorney may wind up working hundreds or even thousands of hours with absolutely no guarantee that they will ever get paid a dime for all of that hard work. They’ll also pay for expenses, such as expert witnesses and other costs involved in an injury lawsuit, as well.
But if your injury lawyer is successful in obtaining compensation for you, whether through a negotiated settlement or after a contested trial, he or she will get paid out of those proceeds. The amount that they will receive for fees is based on a percentage of the recovery as outlined in the contingent fee agreement you’ll enter into at the time you hire your injury lawyer. Also, your attorney will take any costs or expenses they incurred in pursuing your claim out of the compensation they recover for you.
Contingency Fee Agreements
The percentage of your recovery that your attorney will receive can vary depending on how he or she obtained compensation for you. Some attorneys will receive a lower percentage for amounts obtained through settlement, while that percentage may be higher for damages awarded to you after the time and expense of a jury trial.
Whatever the arrangement you have with your injury attorney, it must be reflected in a written contingent fee agreement that you and your attorney will sign at the beginning of the attorney-client relationship.
Injury victims have enough financial worries to begin with; lost wages, substantial medical bills, and the costs of adapting to a life with new physical or emotional challenges. Without contingency fee arrangements, almost all injury victims would have no way to seek justice and recover damages for their losses. By not having to pay for a lawyer in order to seek compensation, injury victims have a fighting chance to hold others accountable for their negligence and get the funds they need to put their lives back together.
Call Bloom Legal Today for a Free Consultation to Discuss Your Personal Injury Case
With fierce advocacy and unwavering dedication, the New Orleans personal injury lawyers at Bloom Legal will fight to get you what you deserve when you have been injured because of another’s negligence or reckless conduct. Contact us today at 504-636-6729 or through our contact form to arrange for your free consultation to discuss the details of your claim.