What are Contingency Fees and How do They Work?
Different law firms operate according to how they best see fit, but one of the most common practices in billing clients is the usage of a contingency fee. This is common practice for attorneys to include in their arrangements with clients or potential clients, particularly when handling cases in which money is being sought after, such as in personal injury and workers’ compensation claims. What exactly are contingency fees and how do they work?
A contingency fee is the percentage of the winnings of the case that the lawyer will take as payment for his or her services. You may have seen the common slogan that goes something to the effect of “we don’t get paid if you don’t get paid” and this is essentially a contingency fee put into practice. Under this stipulation, the attorney will garner no actual salary or payment from the client unless the case is won and, if indeed the case is won, the attorney will claim the agreed upon percentage as full payment. Note that clients do still usually need to pay court filing fees and similar factors not directly related to the attorney.
Using a contingency fee is good practice for cases in which financial restitution is being pursued, as it takes much of the risk away from the client. A person might be leery about filing a personal injury or workers’ compensation claim if he or she couldn’t afford an attorney and this takes that concern away. By instead taking a portion of the winnings, the client is guaranteed to be able to pay the attorney and can proceed with the case without that worry. It also motivates the attorney to win the case, as he or her payment rides on the victory as well.
At the Franco Law Firm, we believe in using contingency fees to ensure that we can help as many people as possible win the restitution that they deserve from their personal injury, workers’ compensation, and similar claims. To learn more about how we can help you through your legal battle as well and to schedule a free consultation, please call (813) 872-0929 today!