One of the greatest fears for those who are injured is the uncertainty that comes from the costs associated with hiring an attorney. Most injured persons are pleased when they learn that in many instances hiring a personal injury attorney will cost them nothing until their case has been finished. This method of payment is known as a “contingency fee” structure and there are a few facts victims should know when seeking an attorney that offers this type of payment structure.
Contingency fees have become increasingly common payment structures for injury attorney over the past few decades. This is because many individuals who are injured are already suffering from financial difficulties and contingency fees ensure anyone who is injured can still obtain professional legal representation.
This type of payment structure has also seen an increase in popularity because those who don’t receive compensation for their damages often don’t have any outstanding bills due to their attorney. This allows victims to still take care of their financial obligations in the event that they don’t win their case.
The main aspect of any contingency fee is the amount that the attorney will take as payment once the case has been settled. Some of the more common percentages include:
- 25% – This is generally the lowest amount that an attorney will accept before they agree to accept a case.
- 33% – This is considered to be the most common percentage that victims can expect to pay out of their award. This amount ensures the attorney is fairly compensated without placing an unnecessary burden on the victim.
- 40%+ – Percentages of 40% or higher are usually for the most serious of injury cases and are often charged by attorneys that have a proven track record of winning cases for their clients. Victims should still be wary of firms charging high percentages since awards are often needed for expensive medical bills and lost wages.
Victims should also read all documentation to determine if there are any additional fees along with the contingency fee. Additional fees may be included for services such as the initial consultation or for tasks such as case management.
Victims should pose any questions regarding the contingency fee to their attorney before the agreement is signed. This will ensure that future financial complications are avoided and the victim and attorney can focus on ensuring the case is a success.
Schedule Your Free Case Evaluation
Injured victims shouldn’t be concerned with their financial situation when deciding whether to go to court. If they lose their case with a contingency lawyer, they won’t have lost one penny. Even their case review is free. Schedule your case review today by calling 713-222-1222.
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