If you’ve been injured due to another party’s negligence but lack the resources to pay for legal representation out of pocket, you may not know how to proceed. Fortunately, most lawyers offer their clients the option of paying by the hour or with a contingency fee agreement. This legal arrangement only requires payment if a case is won. Please continue reading to learn the pros and cons of contingency fee agreements in personal injury cases and how our dedicated Prince George’s County Personal Injury Lawyers can help you attain maximum compensation for your damages.
How Do Contingency Fees Work in a Personal Injury Case?
A contingency fee agreement is a binding contract between a lawyer and a client, where they will only get paid for their services if the case outcome is successful. This means that your lawyer will only get paid if you receive monetary compensation, whether from a court award or settlement. Their payment is contingent on your recovery. Therefore, your lawyer will handle your personal injury case in exchange for a percentage deducted from the recovery. This percentage can vary depending on the complexity of the case. However, these fees usually range between 25% and 40%. Ultimately, a contingency agreement in a personal injury case means the lawyer only gets paid for their services if they win the case. You don’t owe any attorney fees if they don’t win the case.
What Are the Potential Benefits?
Historically, only wealthy people could afford to use the court to pursue their claims. However, contingency fee agreements have made it possible for individuals facing financial constraints to acquire quality legal representation without the risk of paying substantial legal fees out-of-pocket upfront. Most people cannot afford to hire a lawyer on an hourly basis, as a case can take months or even years to resolve. Therefore, this legal arrangement allows plaintiffs to pursue their claims without financial risk. If their case is lost, they won’t have to pay any lawyer fees. In addition to no upfront costs, a contingency fee will incentivize your lawyer to fight for the maximum recovery for your damages, as they have a direct financial stake in the matter. Having motivated representation means you can rest assured that your lawyer will do everything possible to win your case, enabling you to focus on healing.
Nevertheless, it’s crucial to note that entering this arrangement may have some disadvantages. As mentioned above, a contingency fee is a fixed percentage that will be deducted from your recovery. The riskier and more complex your case, the higher the contingency fee percentage. This means agreeing to a contingency fee could result in you paying substantially more than you would have paid hourly for their services.
At Timian & Fawcett, LLC, we understand that suffering an injury due to the wrongful acts of another can be devastating, both physically and financially. If you or someone you love has been injured due to someone else’s negligence, please don’t hesitate to contact our talented Prince George’s County personal injury lawyers, who can effectively fight for the compensation you deserve and need.
