What is a Contingency Fee Arrangement?
You were injured in a serious auto accident that was not your fault and you’ve met with a few lawyers. These personal injury attorney have told you that if they take your case, you won't pay unless you win. Is this too good to be true? The answer? Probably not. Keep reading...
What is a contingency fee?
In a contingent fee arrangement, the lawyer agrees to accept a fixed percentage of the recovery, which is the amount finally paid to the client. If you win the case, the lawyer's fee comes out of the money awarded to you. Lawyers and clients generally use this financial arrangement in cases where money is being claimed; i.e. cases involving personal injury or workers' compensation. There is no set percentage for a contingency fee across the state and the percentage an attorney takes can vary from law firm to law firm. It is imperative that you discuss each attorney's financial arrangement with him in depth before signing.
A contingency fee agreement must be in writing and include:
- The method by which the fee is to be determined
- The percentage or percentages that shall accrue to the lawyer in the event of settlement, trial or appeal
- Litigation-related expenses to be deducted from the recovery
- Whether litigation expenses are to be deducted before or after the contingent fee is calculated
Discuss these points in more detail with your personal injury lawyer.
Why go with a contingency fee lawyer?
Personal injury lawsuits can be extremely expensive once you figure in costs for experts, medical bills, etc... A contingency fee arrangement provides individuals who could not afford to pay up front attorneys fees with access to the courts and to the ability to recover financially for their injuries.
The Los Angeles accident lawyers at Ghozland Law Firm work on a contingency basis and have extensive experience with handling the most complicated personal injury lawsuits involving negligence. For more information, or to discuss your potential case, reach out to us today.