If you have suffered injuries due to an accident that was not your fault, one of the factors that would discourage you from hiring a lawyer is the high cost of legal fees. With personal injury cases, lawyers can accept to represent you on a no win-no fee basis. This arrangement is also known as a contingency fee representation. The law firm will only receive a certain percentage of the recovery from their client. This fee is only payable if the law firm wins the case.
What Damages are Payable Under Contingency Fee Contracts?
A contingency fee attorney will normally seek to get compensated for:
- medical bills
- mental anguish
- physical pain
- lost income
- any other damages that their client has suffered
In a no win-no fee arrangement, you do not have to pay your lawyer for their time and work until you get a recovery- either through a settlement, court award, or jury verdict.
Why Do Lawyers Work on a Contingency Fee Basis?
The reasons lawyers agree to work on a contingency basis is to offer legal representation to those who cannot afford it. Since most lawyers charge on a per hour basis, it is difficult for the average person to be able to meet these expenses. This is the reason most accident victims opt to settle for an amount that is less than what they actually deserve.While many people may be fearful about entering into contingency fee arrangements, there are completely legal. In fact, many legal practices have adopted the practice of representing personal injury victims on a contingency basis. This acts as a selling point since it lures clients to hire contingency lawyers and at the same time works to improve the profile of up-start attorneys.
What Tips Should You Beware Of Before Entering a Contingency Fee Contract?
To be on the safe side, you should ensure that contingency fee arrangements are in writing. Make sure you understand the conditions of the contingency fee contract before you append your signature. It might be advisable to go through the contract with a person who is familiar with legal contracts to ensure you comprehend all the implications. All in all, contingency fee contracts offer hope to clients who cannot afford to foot a lawyer's bill but deserve to be highly compensated for their injuries.