When you’re injured in an accident, dealing with the physical and emotional toll is only the beginning. On top of that, the financial burden of medical bills, lost wages, and other expenses can quickly become overwhelming.
If you’re considering pursuing a personal injury claim, one of the most important factors is how to afford the legal services you need to seek justice. This is where a contingency fee comes in.
Justice should be accessible and affordable, regardless of your financial situation. When an attorney works on a contingency fee basis, you don’t have to pay them upfront to pursue your case. Instead, you will only pay your attorney if you win your case. This ensures you can focus on recovering without worrying about affording an attorney.
In this article, you will learn what a contingency fee is, why it levels the playing field for injured victims, and how it aligns the interests of injured parties and their personal injury attorney.
What Is a Contingency Fee?
A contingency fee is a payment structure used by personal injury attorneys. It allows clients to pursue a case without paying the attorney upfront.
Instead of charging hourly rates or requiring an upfront retainer, the attorney’s fee is a percentage of the final settlement or verdict. If the attorney does not win the case, they do not receive any payment.
Typically, the percentage taken by the attorney is agreed upon in advance. It can range from 25% to 40% depending on factors like the case’s complexity or whether it goes to trial.
How a Contingency Fee Levels the Playing Field for Injured Victims
One key benefit of a contingency fee arrangement is that it levels the playing field for injured victims. This is especially true when they are up against large insurance companies or corporations. These entities have substantial financial resources that allow them to hire high-powered legal teams to defend themselves and minimize payouts.
Without the option of a contingency fee, many injured victims would not be able to afford the legal representation they need to fight for their rights. Your attorney works on the same terms as you, only getting paid if they win the case. This allows victims of accidents to go head-to-head with large corporations or insurance companies without the fear of accumulating legal bills.
This structure gives access to legal representation for individuals who may otherwise be unable to afford it. It enables injured victims to hold wrongdoers accountable for their actions.
How Does a Contingency Fee Align the Interests of the Client and Attorney?
A contingency fee arrangement aligns the interests of both the injured victim and their attorney in a mutually beneficial partnership in several ways:
- Shared risk. With a contingency fee, you and your attorney share the financial risk of pursuing the case. The attorney only gets paid if they win the case. This motivates them to work hard and dedicate the necessary resources to secure the best possible outcome. The more successful the case, the more both you and your attorney stand to gain.
- Motivation for success. Because the attorney’s payment is tied to the case’s success, they are incentivized to pursue the maximum compensation for their client. This ensures that your attorney is motivated to work diligently to obtain the best possible outcome for you, rather than just rushing through the case.
- No upfront financial burden. Many people who are injured can’t afford to pay an attorney upfront. They may already be dealing with medical expenses and lost wages. A contingency fee structure ensures you can pursue legal action without worrying about paying fees in advance. You can focus on healing while your attorney works to get you the compensation you deserve.
An experienced personal injury lawyer will fight to ensure you don’t face financial barriers while you pursue justice.
Benefits of Choosing a Contingency Fee Arrangement
Here are a few reasons why hiring an attorney based on a contingency fee system can benefit you:
- Access to justice for all. This arrangement is premised on the idea that everyone deserves top-quality legal representation. It shouldn’t matter the size of your bank account. A contingency fee makes this a reality.
- No financial risk to injured victims. You don’t have to worry about paying attorney fees if you don’t win your case. If your attorney doesn’t secure compensation for you, you don’t owe them anything.
- Maximized compensation. Your attorney will be highly motivated to pursue the best possible outcome for you because their payment depends on your success. This will motivate your attorney to fight to ensure that you receive fair and just compensation.
- Dedicated legal support. Your attorney will be fully invested in your case, using their experience and resources to investigate the details of your claim, gather evidence, and take on any necessary legal challenges.
With the proper motivation and the alignment of interests for both attorney and client, a contingency fee arrangement is a powerful tool in the fight for justice.
Contact Gross & Schuster Injury Lawyers to Learn More About Contingency Fees Today
If you’ve been injured in an accident and need legal representation, a contingency fee arrangement with Gross & Schuster Injury Lawyers can provide you with the access to justice you deserve.
With more than 75 years of combined experience and a commitment to securing positive outcomes for our clients, we are here to help you navigate the legal process from start to finish. Reach out to our Pensacola personal injury lawyers today to schedule a free consultation. You can contact us online or call (850) 434-3333. Let us help you fight for the compensation you truly deserve.