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What is a contingency fee and what does it mean for you?

On Behalf of | Sep 21, 2022 | Personal Injury

There are a lot of financial pressures thrust upon you after you’re injured in a car accident. Medical bills flood in, rehabilitation and medication costs soar, and your income dwindles due to an inability to work. You might struggle to pay utilities, put food on the table, and keep a roof over your head. All of those pressures can lead to an extraordinary amount of stress, and you might find yourself feeling completely overwhelmed.

Can you afford to take legal action?

Pursuing a legal claim can be a great way to offset the damages that have been unfairly thrust upon you. But a lot of car accident victims are afraid that they can’t afford the services of an attorney given the financial pressures that they’re already facing. But that’s why a lot of personal injury law firms work on a contingency fee basis.

A contingency fee means that you don’t have to pay your attorney upfront, and you only have to pay them if you end up winning your case. At that point, your attorney will be paid a certain percentage of your recovery money.

What are the advantages of a contingency fee arrangement?

 There are a lot of reasons why a contingency fee arrangement is beneficial. Let’s look at some of them here:

  • Low risk: Since you won’t be paying your attorney upfront, you really don’t have anything to lose in your case when your attorney operates on a contingency fee basis.
  • Your attorney shares in the risk: There’s always risk when you litigate a legal claim, but in many cases, the individual pursuing legal action shoulders all the risk since the attorney is getting paid regardless of the outcome. But with a contingency fee model, your attorney is going to work hard to minimize and eliminate risks to increase the chances of success.
  • Your attorney will be motivated to work hard: Knowing that they will only be paid if your claim succeeds, your attorney is going to be motivated to not only win your case but also to recover as much compensation on your behalf as possible. Therefore, with this fee arrangement model, you can rest assured that your attorney is going to put in the work necessary to ensure that your case is thorough and aggressive.
  • You can gauge the strength of your case: By speaking with an attorney who works on a contingency-fee basis, you can gain a sense of how strong your case is. After all, an attorney who works on a contingency-fee basis is only going to take on cases that they think can they can win. So, if your case is accepted by one of these legal professionals, your mind might be put at ease.
  • You can focus on what matters to you: Dealing with a personal injury lawsuit is stressful. But if you can take comfort in knowing that your attorney is going to fight hard for you and your recovery, you can focus on other matters that are important to you, like furthering your recovery and spending time with your family.

Finding an attorney who is right for you

You have a lot of attorneys to choose from when it comes to representation for your personal injury case. To pick the advocate who is right for you, you need to conduct your research to learn more about what each firm has to offer you. If you’d like to learn more about what our firm has to offer, please continue to browse our website.