If you have suffered an injury due to someone else’s negligence, you have the right to take legal action against that party to seek compensation for the damages you have incurred. However, despite possessing the right to take legal action, one may lack the financial resources to pursue a personal injury claim. Retaining an attorney on an hourly basis can be pretty expensive. While hourly billing is usually the preferred method of payment model for most attorneys, some may take on cases on a contingency fee. Please continue reading to learn the potential advantages of a contingency fee agreement and how a New York City Personal Injury Attorney can help you fight for the justice you deserve.
What is a Contingency Fee Agreement?
Attorneys use many different payment models to collect payment for their services. One such model is a contingency fee, in which payment is collected only if your case is won. Unlike paying an hourly rate, this agreement allows you to acquire legal representation without the risk of paying substantial legal fees out-of-pocket upfront. Essentially, when an attorney works on a contingent basis, their payment is contingent on you recovering compensation. In such an arrangement, your attorney would work in exchange for a percentage of your settlement or recovery award. If you lose your case, you will not be responsible for paying any attorney fees. It’s crucial to note that you still may be responsible for paying administrative expenses. Nevertheless, the percentage deducted for legal services will usually range between 30%-50%. This fixed percentage will vary depending on the complexity and risk of your case.
Contingency fee agreements are most often used in personal injury cases. This arrangement allows people who don’t have the financial means to access quality legal representation. Therefore, if you don’t have the funding to pursue a personal injury claim, this arrangement will enable you to safeguard your right to compensation when injured due to another’s negligence. Contingency fee arrangements are not allowed in all legal cases. For instance, they are not permitted to enter into criminal law or divorce cases.
What Are the Potential Benefits?
A contingency fee agreement has numerous benefits in a personal injury case. This may seem obvious, but the most significant advantage of this arrangement is that there are no upfront costs. You don’t have to pay any legal bills unless your case is won. Therefore, this arrangement can alleviate the financial stress associated with a personal injury. Another benefit of entering into a contingency fee agreement is that you can be assured that your attorney will do everything they can to win your case and fight for the maximum compensation for your damages. If the case isn’t won, they won’t receive any payment for their services.
If you or someone you love has been injured due to the wrongful acts of another, please don’t hesitate to contact an experienced attorney from Swerling Law, who can help ensure that your claim is filed in a timely manner, enabling you to recover any damages that you have wrongly suffered.