You’ve probably seen commercials where attorneys claim that they won’t be paid unless someone pays them. Car accident lawyers do not require a retainer to take on a case. The lawyer will charge contingency fee for car accident cases. This fee structure allows accident victims to hire a lawyer, and increases their chances of receiving fair compensation.
Contingency fees are a way to avoid accident victims paying out-of-pocket for retainers, ongoing hourly rates and other lawsuit costs. Learn more about the contingency fees, their coverage, and how lawyers get paid using them.
What is a Contingency fee?
A contingency payment is an amount paid to the lawyer contingent upon the lawyer winning or settling the case on your behalf. The lawyer will not be paid if they lose your case. The lawyer must be confident that the case will be resolved in such a way as to provide you with a settlement that’s more than enough to cover your bills and other concerns.
A contingency fee can be used to pay for legal services when a client does not have enough money to pay a lawyer up front. The contingency fee is also paid when the anticipated settlement or award will be less than the amount the lawyer would receive if paid on an hourly basis.
If you choose to hire for legal representation in a personal injury case you will sign an agreement for payment of the contingency fee with the lawyer. The agreement will also state the percentage of contingency fees that the lawyer is entitled to if the client wins the case.
Sometimes, the case will go beyond the efforts to reach a settlement. It’s possible that the case may go to court to resolve the issue and avoid the statutes of limitations. The attorney will be paid a higher percentage and costs. The agreement will include a section explaining the percentage increase and the amount that the attorney will take from the award.
Why Yakima Accident Lawyers Take a Contingency Payment
It is much more complicated than it appears on the surface. The process involves examining the evidence and information related to the accident. Legal staff will conduct research to build the foundation of a lawsuit. Other factors can affect the work required.
This work is required to pursue a personal injury case on behalf of the client. However, it can be expensive. The majority of people do not have the money to pay a lawyer up front. If lawyers didn’t offer contingency fee arrangements, they would be forced to handle the insurance claim process themselves.
In general, contingency fees provide access to legal representation for accident victims and improve their outcomes. In most cases, an accident victim does not have to pay anything upfront and can focus on recovery from the accident instead of being pressured by the insurance company.
The lawyer pays the costs if he accepts a contingency fee
A contingency fee is paid to the lawyer months after the initial case. The lawyer will have to pay for a number of expenses during that time. These include rent, utilities, staffing, filing fees and his own salary. A lawyer or law office that accepts contingency fees must have enough money set aside to cover these costs as they work on your case. Many people believe that law firms or lawyers who only work on contingency fees are better able to win cases because they have enough financial reserves for overhead costs.
Contingency Fee Percentages
The percentage of contingency fees that your lawyer charges will depend on your case’s complexity, the costs associated with preparing your case and what your lawyer must do to obtain you just compensation. You can expect to pay a contingency of 30% to 33% on average. However, the fee can vary from 20% to 50 % depending on your case’s complexity. You should ask the lawyers or law firms what percentage they charge.
Benefits of contingency fees for car accident victims
Lawyers are not paid until there is a settlement. If a lawyer accepts a case on contingency it means that you have a strong case and a good chance of winning. It’s ultimately in the best interest of your lawyer to be your strong advocate and work toward a financial award or settlement that meets your needs.
Contingency fees also help low-income people gain access to legal assistance they otherwise could not afford. Insurance companies will do anything to convince car accident victims that they are being treated unfairly. The insurance companies will have to speak to the lawyer if they retain legal counsel on contingency. The accident victim is relieved of the pressure to accept less.
If the case is lost the lawyer will not ask for payment. If you lose the case, your lawyer will not ask for payment.
Find out more about contingency fees from a Yakima personal injury lawyer
After a car crash, contingency fees can help you obtain legal representation to pursue an award that covers your medical expenses and needs. Montoya Hinckley’s law firm has extensive experience in representing clientele who seek fair compensation for injuries and losses. Call us today to schedule a consultation with one of our car crash lawyers.
The post Understanding contingency fees: How Yakima car accident lawyers get paid first appeared on Attorney at Law Magazine.