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Posted 03/24/2023 in Personal Injury by Erik Abrahamson

Attorney Contingency Fee Arrangements

Attorney Contingency Fee Arrangements

Numerous personal injury lawyers based in Florida are of the opinion that the cost of hiring a lawyer should not hinder one from seeking compensation after being injured due to someone else’s negligence. There are several expenses that may arise after an accident, including medical bills, the cost of medical equipment such as crutches and wheelchairs, property replacement costs, rental car expenses, loss of wages, and hotel bills for out-of-town medical treatments. These expenses can quickly accumulate and add to the burden of trying to recover from the injury and move past the accident. 

However, lawyer fees should not be an additional expense, which is why a Florida personal injury lawyer operates on a contingency fee basis. This means that they only receive compensation if they win your case, ensuring that you do not have to worry about lawyer fees on top of the already mounting costs associated with your injury. 

Reasons Why You Should Choose A Lawyer That Offers Contingency Fee Arrangements

Opting for a personal injury lawyer that offers contingency fee arrangements has numerous advantages. Some of the main advantages can include:

You Don’t Pay Unless Your Case Is Won 

Hiring a personal injury lawyer in Florida that offers contingency fee arrangements doesn't come with any cost to you. You won't have to pay any fees or expenses unless they succeed in obtaining compensation for you. Additionally, these lawyers provide free consultations to their potential clients. If you suspect that you have a claim, don't hesitate to contact a personal injury lawyer to discuss your case with you.

Not Afraid To Go To Trial 

Certain law firms specializing in car accident injuries in Florida may prioritize settling your case as swiftly as possible. While prompt resolution should be a priority, a personal injury lawyer who provides contingency fee arrangements will not shy away from taking your case to trial if it is in your best interest. It is recommended that you review the prospective personal injury attorney's track record of jury verdicts and settlements to gain an understanding of their expertise.

Stands Up To Insurance Companies

The intricacies of insurance coverage in motor vehicle cases can be exceedingly complicated. Many clients are often unaware of their insurance coverage, and insurance adjusters may not fully clarify the different forms of coverage available to injured victims. Nevertheless, a skilled personal injury attorney that offers contingency fee agreements can consistently secure significantly higher compensation for their clients than what was initially proposed by the insurance company.

Reduce Risks & Control Your Cost

In some personal injury law firms, clients are required to pay significant upfront legal fees, often amounting to hundreds of thousands of dollars, without any assurance of a successful recovery. Even after spending a considerable amount of money on legal fees, clients may end up empty-handed if they are unable to recover damages or if their hourly legal fees surpass the amount recovered.

However, with contingency fee lawyers, clients are guaranteed to only pay their attorneys if their case is successfully resolved, and damages are awarded. This approach eliminates the risk of wasted attorneys' fees and stops the unending stream of law firm bills, allowing clients to use their resources to pay for medical expenses and stabilize their finances.

What Is A No Win No Fee Guarantee?

A contingency fee lawyer typically takes pride in representing a vast number of clients who have been injured in car accidents, slip & fall incidents, or other accidents resulting from negligence. As part of their representation, they extend a No Fee Guarantee, also known as “no win no fee,” to all their clients. This implies that you won't have to pay any fees or expenses unless you receive compensation.

A No Fee Guarantee means that if you opt to hire a personal injury lawyer to handle your injury claim, you won't be required to pay the lawyer upfront. Many Florida law firms operate under a contingency fee arrangement to cover the cost of their legal services. They don't charge any fees or expenses unless you win. If you don't receive compensation, you won't owe the personal injury lawyer anything. In the event, that compensation is secured, either through a settlement or a verdict at trial, you will be obligated to pay the attorney a percentage of the settlement or verdict.

How Do Contingency Fees Work?

You might have come across the term "contingency fee basis" in relation to personal injury lawyers. But what exactly does it mean? A contingency legal fee is an amount a lawyer gets paid when a case is successfully resolved or won in court. If you have sustained an injury due to someone's negligence, it's crucial to have an experienced attorney on your side. Contingency fee agreements enable everyone to access the justice system even if they can't afford to hire a lawyer.

While contingency fee arrangements may seem too good to be true, in such cases, the lawyer assumes any risk that the case may not be successful and pays for all case-related expenses upfront. When a case is successfully resolved, clients reimburse the lawyer for these expenses. Case-related expenses may include filing fees, deposition expenses, and costs paid to expert witnesses.

For instance, if a lawyer wins a settlement of $100,000 in a motorcycle accident case where the Florida contingency fee agreement stipulates a 33.3% fee to the lawyer, the lawyer would receive $33,333.33. If the lawyer had incurred $2,000 in case-related expenses during the course of the case, that amount would be deducted from the remaining settlement given to the client. However, if the case is unsuccessful, the lawyer will bear the $2,000 expense and the hours devoted to the case, and the client won't be required to pay anything.

How Much Will I Be Required To Pay With A Contingency Fee Arrangement?

The contingency fee charged by an experienced attorney may vary depending on different factors. In Florida, the typical contingency fee is 33.3% if the case is settled before a lawsuit is filed, and 40% if a lawsuit is filed. Other factors that may affect the fee include the complexity of the case, the severity of the injuries, and the client's specific needs.

It is crucial to ensure that any contingency fee agreement with your attorney is in writing and clearly outlines the fee percentage, which expenses may be deducted from the settlement, and when these deductions will occur. Our law firm provides transparent and upfront information about all costs associated with representation to provide you with peace of mind.

Advantages Of Contingency Fee Arrangements

A contingency fee agreement with a No Fee/Cost guarantee offers several benefits. Firstly, it relieves the burden of paying a substantial amount of money upfront to hire a lawyer and lets you concentrate on your recovery. Secondly, when a lawyer agrees to handle a case on a contingency basis, their interests and the client's interests are aligned. This results in the lawyer working diligently to resolve the case as quickly as possible and obtain the maximum compensation for their client. Lastly, a contingency fee arrangement gives injured individuals a fair chance to fight against insurance companies to receive the compensation they are entitled to.

Contact A Contingency Fee Lawyer In Florida

Consider seeking advice from an experienced personal injury attorney if you have sustained injuries due to someone else's negligence. A personal injury lawyer who offers contingency fee arrangements would be pleased to address any queries you may have regarding their No Fee Guarantee and other facets of a personal injury lawsuit. Schedule a free consultation with a no-win no fee lawyer on the internet today.

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