What is a Contingent Fee Agreement?Apr 07, 2017 Ohio Personal Injury
Posted by: Kisling, Nestico & Redick, LLC
In the vast majority of personal injury cases, including those pertaining to wrongful death and catastrophic injury, the attorneys representing the plaintiff service their clients on a contingency fee basis. Simply stated, with this arrangement you are not charged any upfront legal fees unless and until a positive result is achieved – a favorable out-of-court settlement or a successful recovery from a lawsuit. The contingent fee agreement establishes the fee charged by the attorney as a certain percentage of the settlement.
If you are searching for Ohio personal injury lawyers to help you in the aftermath of an injury you or a loved one has recently suffered, our legal team at Kisling, Nestico & Redick is here to help. We can guide you forward to help you recover any compensation you are owed. Call us today at 1-800-HURT-NOW to learn more and schedule a free consultation.
A contingent fee agreement provides several benefits to the consumer.
Opportunity to Hire a Top Lawyer
If you cannot normally afford to pay a retainer and hourly attorney’s fees, you can benefit greatly from a contingency fee arrangement. It gives you the freedom to hire a highly experienced and skillful attorney and protect your rights without the financial obstacles often associated with filing other types of legal cases.
Zero Financial Risk to the Client
You also run zero risk of losing a great sum of money if no settlement is reached or the case is lost in court. With a contingency fee agreement, attorneys finance cases out-of-pocket. All of the financial risk rests on the personal injury lawyers handling these cases and not on the consumers filing the claims. If the case is lost, you pay nothing to the attorney.
Greater Economic Inventive for the Attorney to Succeed
As well, contingency fee arrangements provide a source of powerful motivation to personal injury attorneys to serve your interests and achieve successful outcomes. In other avenues of legal practice, lawyers are often paid by the hour. Many times an upfront retainer fee is charged by the attorney before work on the case begins. With a contingent fee arrangement, lawyers have a compelling incentive to perform at a very high level.
Fee Agreement and Costs
It’s important to understand how much compensation you may receive from a potential settlement once the costs and fees are subtracted. Your personal injury lawyer has a responsibility to explain to you the fee agreement and what percentage of a settlement will go to cover the fee. Many agreements will set the contingency fee anywhere from 33 to 66 percent of the settlement, after other expenses are deducted. These expenses may include deposition costs, telephone charges, costs of investigations, photocopying costs, expert witness fees, court filing fees, among others.
It is your responsibility as the consumer and plaintiff to understand the contingent fee agreement offered by your attorney before you sign it. Once signed, you are obligated to all of its terms which include the percentage provided to the attorney as compensation and your portion of the settlement proceeds.
Contact an Experienced Ohio Personal Injury Attorney
If you have incurred a personal injury and don’t know what to do next, we are here to help. Our Ohio personal injury lawyers have the resources and experience to steer you through all the legal and insurance coverage issues surrounding your case. At KNR, you can count on us to represent your interests toward achieving a favorable settlement. To get started, call us today at 1-800-HURT-NOW, or contact us through our online form.