A concern among many injured accident victims is the cost of hiring a lawyer. Most people imagine lofty legal fees when they think of personal injury lawyers – something that may be unaffordable after an expensive accident or injury. They do not realize that most attorneys recognize the financial straits common among injured victims and counteract them by offering services on a contingency fee basis. Learn more about this payment system before you assume you will save money by representing yourself.
If a law firm says it takes clients on a contingency fee basis, it means charging attorney’s fees is contingent upon the firm winning the case. In other words, if the lawyer does not secure a financial award for you, you will not pay for any services rendered. No matter how much work the lawyer spent on the case, you will owe nothing if the lawyer does not win a financial award.
At most firms that offer their services on a contingency fee basis, including The Fang Law Firm, you will pay $0 upfront to retain the lawyer and initiate services. The law firm will front the costs of legal services, including hiring investigators and experts, so you can have peace of mind during the legal process. If your lawyer is unsuccessful in obtaining an insurance settlement or positive jury verdict, the firm will absorb the costs of pursuing the claim. In this way, a contingency-based law firm takes all the risk of filing a claim for you.
If the lawyer does succeed in fighting for compensation, you will pay legal fees out of the settlement or judgment award won rather than having to afford services out of pocket. The attorney will automatically deduct a previously agreed-upon percentage from the award won at the conclusion of the case. If the firm charges 33%, for example, and secures you a $100,000 settlement, you will pay $33,000 in legal fees. The fee percentage can vary depending on the law firm’s policies and the complexity of the case. You should know what percentage the law firm charges before retaining the lawyer’s services.
Personal injury lawyers offer contingency-fee based services to give every wronged victim the chance to take a stand against negligence with the benefit of legal representation. It is a way to help the little people go up against major corporations and large insurance companies on a more level playing field. At The Fang Law Firm, we believe in offering our services on a contingency fee basis so that high-quality legal representation is available for all.
Contingency fees have multiple advantages for you as a client. They take away the financial risk of filing a lawsuit as well as motivate the law firm to work harder to secure maximum compensation for your damages. The more you receive in compensation, the more money the accident attorney makes as well. You may be able to negotiate a fee rate that works for you before signing a contract. Some personal injury law firms in Colorado charge extra for services such as hiring experts or going to court. Make sure you understand all fees and charges before retaining a lawyer’s services.
Different law firms offer their services using different fee arrangements. Always ask about legal fees upfront before signing any contracts to retain an attorney. Do not be afraid to ask about pricing during your initial consultation. The lawyer should be forward, honest and clear about how he or she charges for legal services. The fee system should be transparent and easy to understand, with no hidden fees, fine print or overly confusing legal jargon. If you have questions about the contract or fee arrangement, get straight answers before signing on the dotted line.