If you’re researching law firms to handle a personal injury case, you may be running across a lot of phrases and terms that you’re not quite sure what they mean. While looking into Albuquerque personal injury lawyers one of the phrases that you’re probably running across, again and again, is attorney contingency fee. What is an attorney contingency fee? Is it the right option for you?
First off, if you’re looking for an attorney for a personal injury lawsuit then you are most likely going to be paying your attorney fee through an attorney contingency fee. That’s because it’s standard practice in those types of cases.
An attorney contingency fee, in the simplest of terms, means that your attorney doesn’t get paid unless you win your case or get a settlement. What happens is when you win your case or settle, the attorney gets a predetermined percentage of the money you win.
How Much of Your Settlement Does the Attorney Get?
Well, in most cases an attorney contingency fee is between thirty and forty percent of whatever amount you win. Specifically speaking, for personal injury cases, that fee is usually one-third of your settlement or the money you’re awarded.
An attorney contingency fee is the standard practice when it comes to personal injury cases, but is it the best option for you? Is it worth spending time finding an attorney that will take your case under an hourly fee instead?
Is a Contingent Fee the Best Option for Me?
There are both pros and cons to an attorney contingency fee that can help you decide if it’s the right way for you.
Probably the best thing about an attorney contingency fee is that you do not have to pay your attorney upfront. Because there is no upfront fee, you can get started working towards a settlement faster.
The next best thing about an attorney contingency fee is that your attorney doesn’t get paid unless you get paid. If you pay an hourly fee you pay your attorney regardless of the outcome and you end up losing your case, not only would you have to pay your high-priced medical bills, but you would also end up paying your attorney.
With an attorney contingency fee, one thing to keep in mind is that while you don’t pay your attorney unless you get paid, you may still have to pay the costs that your attorney racks up to try your case. This is not the same as their fee though.
Another thing that makes an attorney contingency fee such a great option is that it motivates your attorney to do the best job possible. Think of it as a commission. Your attorney doesn’t want to put in days, weeks, or even months working on your case without being compensated for their work.
While they are few and far between, there are certain downsides to attorney contingency fees. You should know them as well, so you know what to expect.
While it is rare, an attorney contingency fee can sometimes cost you more than an hourly fee. If your attorney can reach a settlement or win your case in a matter of days, then the hourly rate would be far less expensive than the average one-third of a personal injury settlement.
Another downside is that an attorney who gets paid from a contingency fee is much more likely to be highly selective of who they represent. If they don’t feel you have an easy case, they are much more likely to pass it over.
While there are downsides, an attorney contingency fee is generally the best option for your lawsuit, especially when it comes to personal injury cases. This type of payment is easiest on you in an already stressful time. So, if you are looking for an Albuquerque personal injury lawyer make sure they offer attorney contingency fee payment options.