Hiring an attorney can be expensive and risky, particularly if you are not sure about the outcome of your case. This is one reason why accident victims refrain from seeking legal help.
But there is a wonderful opportunity to hire an experienced attorney without risking financial security. It is known as the contingency fee arrangement.
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In this blog post, we will discuss about the contingency fee arrangement and what benefits it provides for you and your attorney.
What is a Contingency Fee Arrangement?
A contingency fee is a type of fee arrangement that helps the client pay the lawyer only when the personal injury case is successful. The attorney will take a percentage of your total claim only when your personal injury case is settled.
This means that you have to give a fixed percentage of the compensation you receive only if you win your case. If you lose your personal injury case, your attorney will not charge any fees.
How does the Contingency Fee Arrangement Benefit the Victim?
No Up-front fees
As an accident victim, you can easily access legal representation without paying any upfront fees. This means that you can hire an attorney who can help you file your claim for compensation, regardless of your financial situation.
When working on a contingency fee basis, the attorney only gets paid if they win your personal injury case. The attorney usually gets 20 to 40 percent of the compensation you receive.
No Losses for Accident Victims
You do not have to worry about losing money if your personal injury case is unsuccessful. The victim does not have to pay the attorney anything if they do not receive any compensation. The victim also does not have to worry about the attorney overcharging them or inflating their hours.
The attorney’s fee is fixed and agreed upon before a personal injury case begins, and it is based on the actual results of the case. You have nothing to lose.
Higher Chances of Success
If an attorney works on a contingency fee basis, then you have a higher chance of winning your personal injury case. Most attorneys don’t accept tricky cases or those with high chances of failure. If your attorney agrees to work on a contingency fee basis, then your chances of winning are exceptionally high. This can boost the morale of victims who are under deep financial or emotional stress.
How does a Contingency Fee Arrangement Benefit the Attorney?
Encourages the Attorney
It motivates the lawyer to work hard on your personal injury case and get the best possible outcome for you. On a contingency fee basis, the lawyer has a strong incentive to win the case or negotiate a favorable settlement since their fee is based on it.
The attorney will try to increase the amount of compensation that you receive, since their fee will increase with it. This means that the lawyer will not settle for less than what you deserve.
Improve Access to More Clients
By offering contingency fee arrangements, lawyers can attract more clients who need legal help. This can increase their caseload as well as their reputation and referrals. Contingency fee arrangements enhance a lawyer’s potential client base and business opportunities.
The contingency fee arrangement is a fair and reasonable way for victims from the lower sections of society to access quality legal advice. The arrangement helps you get the legal assistance you need without any financial risk.
It also ensures that the attorney will work hard on your case and get you the compensation you deserve.