If you have been injured due to someone else’s negligence, you are entitled to pursue legal action to seek compensation for any damages you have suffered. However, despite having this right, you may not have the financial means to hire quality legal counsel to pursue a personal injury claim. There are many types of arrangements that lawyers enter into with clients. While most lawyers are employed hourly, this can be extremely expensive. Therefore, some lawyers offer a more affordable opportunity for individuals who cannot afford to hire an attorney based on their hourly rate. Please continue reading to learn what a contingency fee agreement entails and how our trusted Jefferson County Personal Injury Lawyers can help you fight for the justice you deserve.
What Does it Mean for a Lawyer to Work on a Contingency Basis?
When you hire a lawyer on a contingency fee basis, they work in exchange for a percentage of any settlement or court award you receive at the end of your claim instead of an hourly charge. With this agreement, the lawyer only gets paid if their client recovers damages. This means there are no upfront charges for legal services while the personal injury case is being built, presented, and resolved. Instead, the contingency fee will be paid from the compensation the lawyer recovers on their client’s behalf.
If the claim is resolved through a negotiated settlement, the defendant or their insurance company will pay the agreed-upon amount, and the lawyer will then deduct the contingency fee from the total amount. If the case is lost, you would not owe your lawyer anything. This legal arrangement benefits the client and the lawyer because their monetary interests align. Contingency fee agreements provide an affordable option for individuals who cannot afford to hire quality legal counsel to pursue a personal injury case. Moreover, this agreement means that if no financial compensation is received, the client won’t lose thousands or hundreds of thousands of dollars if their case fails.
What Are the Potential Downsides?
Although contingency fee arrangements can be helpful in some cases, especially when a client needs financial assistance, they can also have some downsides. A contingency fee agreement could potentially cost more than a regular hourly fee. After you agree on the contingency fee, you owe the agreed-upon percentage no matter how long the case will take. If your case is more complex or risky, the lawyer can charge higher fees.
If you or someone you love has been injured due to someone else’s fault, please don’t hesitate to contact a determined lawyer from Alabama Personal Injury Lawyers, LLC, who can help you fight for the maximum compensation.
