What Is The Main The Benefit (to me, the client) Of Contingency Fees?
A contingency fee agreement makes it possible for anyone who has a legitimate case to hire a lawyer, without paying out of pocket first. More importantly, the contingent fee arrangement gives everyone access to the justice system. It assures people who have been wronged will have equal access to a lawyer. It assures people that they will be able to protect their legal rights against the interests of powerful defendants like doctors, governments, and insurance companies.
Are Contingent Fees A Good Thing?
When it comes to hiring a personal injury attorney, the purpose of a contingency fee agreement is to allow people with limited financial means to hire a lawyer. It allows you to get the same high-quality legal representation that doctors and insurance companies have but without paying hourly attorney fees.
In most personal injury and medical malpractice cases, lawyers don't charge by the hour. Instead, they work on a contingent fee basis. A contingent fee is calculated based on a percentage of the recovery amount (settlement or award).
The percentage of the fee can vary, but it usually will be at least one-third of the settlement or verdict, or as high as one-half, depending on the difficulty of the case involved. If there is no recovery then you owe the attorney nothing.