When you’re injured in an accident, the last thing you want to worry about is how to pay for a lawyer. Medical bills and lost wages can pile up quickly. Dealing with insurance companies can be overwhelming. Fortunately, many personal injury law firms offer their services on a contingency fee basis. This type of fee arrangement can help you secure quality legal representation without worrying about upfront costs.
This article explains what a contingency fee is, why it helps injured victims afford expert legal services, and how it levels the playing field in your fight against large corporations and insurance companies.
What Is a Contingency Fee?
A contingency fee is a payment arrangement where the lawyer’s fees are only collected if the case is won or settled successfully. Instead of charging hourly fees or requiring an upfront retainer, the lawyer agrees to take a percentage of the compensation you ultimately receive. This can come in the form of a settlement or verdict. This means that you don’t pay anything unless you win your case.
The percentage a lawyer takes typically ranges between 25% to 40%. The percentage will depend on the complexity of the case, whether it goes to trial, and the stage at which the case is resolved. If the lawyer doesn’t win the case, you don’t owe any fees.
In sum, a contingency fee means you only pay your lawyer if you win or settle your case. The lawyer’s fee is a percentage of the compensation you receive. This makes legal representation affordable for those who may not have the funds to pay upfront.
Why Contingency Fees Help Injured Victims Afford Quality Legal Representation
One of the biggest barriers to securing legal representation after an injury is the cost of hiring a lawyer. Many personal injury victims are already struggling with medical bills, lost wages, and other financial burdens. Contingency fees make it possible for anyone to hire experienced legal counsel. Your financial situation doesn’t matter.
Here’s why contingency fee arrangements are beneficial to injured victims:
- No Upfront Costs: With a contingency fee, you don’t have to pay anything upfront. This arrangement removes the financial burden of hiring a lawyer. It gives you access to experienced representation without the need for a retainer or hourly fees.
- Affordable Legal Help: Since you don’t have to worry about paying for legal services out of pocket, you can focus on your recovery while your lawyer works on your case.
- Lawyers Who Work For You: Because your lawyer’s fee depends on winning or settling your case, they are motivated to do everything in their power to secure the maximum compensation for you.
Contingency fees allow injured victims to access top-quality legal representation without upfront costs. This payment structure makes it easier for anyone to afford legal help during a challenging time. The fee structure also aligns your attorney’s interests with your own interests, because your lawyer only gets paid if you win your case.
How Contingency Fees Level the Playing Field in Personal Injury Cases
Insurance companies and large corporations often have deep pockets and teams of lawyers working to minimize payouts and protect their interests. For individual victims, going up against these powerful entities can feel like an uphill battle.
Without the help of experienced legal counsel, you may feel like you are at a severe disadvantage. Fortunately, a contingency fee arrangement can help you fight this battle more equitably.
A contingency fee arrangement helps level the playing field in several ways:
- No Risk of Legal Fees: Since the lawyer’s fee is contingent on winning or settling the case, there’s no financial risk to the injured victim. This enables individuals to pursue justice against powerful opponents without worrying about losing money if the case doesn’t go in their favor.
- Incentive for Lawyers to Maximize Compensation: Lawyers working on contingency fees have a financial incentive to fight for the best possible outcome in your case. They are motivated to negotiate aggressively with insurance companies and corporations to ensure you get the compensation you deserve.
- Access to Skilled Lawyers: By offering a contingency fee arrangement, personal injury lawyers can serve clients from all walks of life. You can get legal help even if you might not be able to afford the high costs of traditional legal representation. This ensures that even victims of large corporations or big insurance companies have access to skilled lawyers who will fight for their rights.
- Focus on Justice, Not Fees: With a contingency fee, the lawyer’s focus is on obtaining a favorable outcome for you. They don’t focus on billing you by the hour. This leads to more time spent on preparing your case, gathering evidence, and negotiating a fair settlement.
A contingency fee arrangement allows individuals to go up against powerful insurance companies and large corporate entities. Injured victims don’t have any financial risk of paying legal fees upfront. This fee structure incentivizes lawyers to work hard to secure the maximum compensation for you.
Contact Eason Car Accident and Personal Injury Lawyers for a Free Consultation
If you’ve been injured in an accident and are worried about the cost of hiring a lawyer, don’t let that stop you from seeking justice. Eason Car Accident and Personal Injury Lawyers offers contingency fee arrangements to help you access the best legal representation without worrying about upfront costs.