How Does Hiring an Attorney on a Contingency Fee Basis Work?
Many people who have been injured in an accident are hesitant to hire an attorney because they are afraid they cannot afford one. It is important to understand, however, that some personal injury attorneys use a contingency fee billing method. This allows clients to wait to pay for legal services until there is a positive outcome to their claim.
The personal injury lawyers at Moody Law, PA are pleased to offer our services on a contingency fee basis. This helps ensure that anyone in the Bartow, Winter Haven, or Lakeland, FL, area who needs legal assistance has access to it, regardless of their financial status.
What Is a Contingency Fee?
A contingency fee is a billing method in which a lawyer agrees to provide legal services to a client in exchange for a percentage of the compensation obtained through the resolution of the claim. This means that the lawyer collects their fee from a negotiated pre-trial settlement or through the civil award obtained in court.
In other words, like its name suggests, a contingency fee is "contingent upon" you obtaining compensation for your injuries.
Benefits of Contingency Fee Agreements
Having the ability to hire an attorney without having to worry about a retainer is the major benefit to clients. It’s why many people seek out personal injury attorneys who work on a contingency fee basis.
However, there are other benefits, including:
- Your attorney can begin working on your case immediately, without need to wait for you to come up with a retainer.
- You will not be billed hourly minimums every time your attorney takes any action on your case.
- You will not be surprised by the amount you owe your attorney at the end of your case, as payment is explained in your agreement.
- You can rest assured that your attorney is motivated to resolve your claim and seek the maximum amount available, as the amount of compensation you receive impacts how much they get paid. In addition, and if the attorney does not help you win the case, they do not get paid at all.
How Does My Lawyer Get Paid?
When you hire your attorney, they will ask you to enter into a contingency fee agreement. This agreement will spell out the details of the percentage of your compensation they will take, and will also explain who is responsible for paying other costs associated with your claim and when. This includes court filing fees, discovery costs such as hiring a court reporter for depositions, and paying for expert witnesses. It is important that you understand the agreement completely before signing it.
What Happens After a Successful Settlement or Jury Award?
Once there has been a resolution to your claim (either through a negotiated settlement or a court judgment) your settlement or award will be processed for payment by the at-fault party's insurer. The payment will then be sent to your attorney, who will deduct their fee and anything else they were responsible for paying, according to the agreement.
The remainder of the compensation will then be forwarded on to you, along with an itemized listing of the legal services that were paid for and deducted.
Moody Law PA Can Help
With a contingency fee billing method, there is no need to fear when hiring a personal injury attorney to assist you with your claim. Instead, you can focus on healing from your injury while we fight for the compensation you deserve. For a free case evaluation, contact us online or by calling (863) 733-9090 in Bartow or (863) 284-9090 in Lakeland.