There are few things more jarring than an automobile accident. Trying to negotiate the world of auto insurance, health insurance and police reports, all while dealing with a painful injury, can be unproductive and stressful. When it comes time to hire an attorney, the last thing anyone wants are more complications. Attorneys work with contingency fees in order to ease the pain of paying for representation during your most emotionally difficult and physically fragile situation.
What are contingency fees?
With some exceptions, almost all personal injury attorneys work on a contingency fee-basis. Attorneys work on the contingency that the client will win damages, or money, either in the form of a settlement agreement or a judgement. This percentage is agreed upon by you and an attorney when the initial contract is signed, which can change if a case requires a law suit to be filed. If you have to file a suit, your lawyer will be there to guide you every step of the way.
What is covered in the fee?
The attorney’s fee pays for the attorney’s time. While some attorneys bill at an hourly rate, an attorney working on a contingency fee will only recover the agreed upon percentage regardless of the time they work. This fee does not include costs and expenses, that is, anything associated with investigating and litigating your claim. Typically, the agreement is to keep these costs and expenses separate from the contingency fee during the initial contract signing. Attorneys pay for all these expenses up front, which means they run the risk of losing that money if there is no recovery of damages.
Why do attorneys do this?
Many clients do not have the funds available to pay an attorney up front. Hourly attorney’s fees can be very costly. Coupled with the fact the client has most likely lost money already due to their injuries, most people simply cannot afford to pay a lawyer by the hour, or put up a large retainer. However, the amount of money you have should not prohibit you from recovering on a valid claim for your injury.
There’s also the risk of losing a case, or even recovering less than expected. The last thing anyone wants is to come out of a case with less than they started with. A contingency fee protects you from losing money while your attorney bears the financial risks of losing a case. The fee allows them to represent people that need help, but don’t necessarily have an open-and-close case. What’s more, there’s no way of knowing how long it will take to recover on a case. Whether it’s an hourly rate or one lump sum, the costs could easily become greater than the amount recovered, especially over a long period of time.
We get paid when you do.
Contingency fees protect clients from paying upfront, and helps the client from losing out before their case is over. If you or a loved one has been in a car, truck, or motorcycle accident, call the offices of Morris Bart. Our personal injury attorneys have your well-being in mind when they fight for you. Don’t fight alone! Hire a Morris Bart attorney today.