A contingency fee is a type of fee arrangement in which an attorney only gets paid if they win your case. The attorney's fee is typically a percentage of the amount of money you recover.
Contingency fees are common in personal injury cases, but they can also be used in other types of cases, such as workers' compensation cases and medical malpractice cases.
Advantages of Contingency Fees
There are several advantages to contingency fees. First, they allow people who have been injured to get the legal representation they need without having to pay upfront costs. This is especially important for people who have been injured and cannot afford to pay an attorney's hourly rate.
Second, contingency fees incentivize attorneys to take on cases that they might not otherwise take. This is because attorneys only get paid if they win your case, so they are more likely to take on cases that they believe they can win.
Disadvantages of Contingency Fees
There are also some disadvantages to contingency fees. First, you may not recover as much money as you would if you paid your attorney an hourly rate. This is because the attorney's fee is a percentage of the amount of money you recover, so the more money you recover, the more the attorney gets paid.
Second, you may have to wait longer to get your money. This is because the attorney's fee is not due until after the case is resolved, so you may have to wait for the case to settle or go to trial before you get any money.
Contingency fees are a valuable tool for people who have been injured and need legal representation. However, it is important to understand the advantages and disadvantages of contingency fees before you decide whether to hire an attorney on a contingency basis.
If you have been injured, you should speak with an attorney to discuss your legal options. An attorney can help you to understand the contingency fee arrangement and to decide whether it is the right option for you.