If you’ve been injured due to someone else’s negligence, you are entitled to take legal action against that party to seek monetary compensation for the damages you’ve endured. The costs associated with recovering from an injury wrongfully caused by another can be substantial, more than most individuals can afford. When you need to take legal action against someone but don’t have the funding, it may feel impossible to seek the justice you deserve. Paying for legal services at an hourly rate can be incredibly expensive. However, some lawyers will take cases on a contingent fee agreement. Please continue reading to learn what a contingency fee agreement entails and how a proficient New York City Personal Injury Lawyer can help you fight for the compensation you need.
How Does a Contingency Fee Agreement Work?
Law firms commonly offer clients the option of paying by the hour or offering a contingency fee agreement for their services. A contingency fee agreement is a legal arrangement that allows you to retain legal representation without paying any out-of-pocket upfront fees. When a lawyer works on a contingent basis in a personal injury case, payment is contingent on you recovering compensation for your injuries. If you don’t win your case, you don’t have to pay lawyer fees. Your lawyer works in exchange for a percentage deducted from your recovery. The rate used will vary depending on the complexity and risk of your case. The average cost of a contingency is between 30%-60%.
Contingency fee agreements make the legal system much more accessible to those faced with financial hardships. However, it’s crucial to understand that not all legal cases allow this arrangement. For instance, you can’t use a contingency fee agreement to retain the legal services of a divorce lawyer or criminal defense lawyer. This is because this financial incentive may not necessarily lead to the best outcome for the parties involved. Therefore, they are mostly only allowed to be used in personal injury claims.
What Are the Potential Advantages?
For most people, a contingency fee agreement is a fair deal because your interests are perfectly aligned in fighting for maximum compensation for your claim. This is not to say that hourly lawyers don’t want to achieve the best results possible for you. However, they have other interests, such as maximizing the time they can bill you for their legal services. The risk of being overbilled doesn’t exist with a contingency fee agreement because it’s a predetermined fee from your award.
Nevertheless, the most significant benefit of this arrangement is that there are no upfront fees. Not having to deal with legal bills as your ongoing case will enable you to focus on your recovery. Another advantage is that if you lose your case, you will not have to pay any lawyer fees. This can alleviate some of the financial burden you experience from a personal injury. Furthermore, a contingency fee gives your lawyer a monetary incentive. When a lawyer only gets paid if you receive compensation, they will be more motivated to do everything they can to fight for the maximum damages on your behalf.
If you or someone you love has been injured due to another’s negligence, please don’t hesitate to contact a talented lawyer from James Newman, P.C., who can help you through each phase of the personal injury claims process.
