Introduction:
Many personal injury lawyers work on a contingency fee basis, meaning they only get paid if you win your case. This type of payment arrangement is common in car accident, slip and fall, and other injury claims. Let’s break down how contingency fees work and why they benefit clients.
Step 1: What is a Contingency Fee?
A contingency fee is an arrangement where the lawyer’s fee is a percentage of the settlement or verdict in your favor. Typically, the fee ranges from 30% to 40% depending on the complexity of the case.
Step 2: No Upfront Payments Required
The major advantage of contingency fees is that you don’t need to pay anything upfront. This makes legal services more accessible to people who may not have the financial means to pay hourly fees or retainers.
Step 3: Why Lawyers Use Contingency Fees
Contingency fees align the interests of the lawyer and the client. Since the lawyer only gets paid if they win or settle the case, they are motivated to work hard to secure the best possible outcome for their client.
Conclusion:
Contingency fees make it easier for people to hire an attorney and pursue justice after an injury without worrying about paying expensive legal fees upfront.