What Is A Contingency Fee And What Are The Benefits?
When you are injured in an automobile accident, it is best to obtain legal counsel to help negotiate a fair settlement. Lawyers are not free and many people who are injured do not have the funds for legal counsel. That is why many offices work with contingency fee arrangements, which are a great option for those that do not have the funds available.
There are more advantages to contingency fees than disadvantages. The biggest advantage is the fact that the victim does not need to have money up front to retain legal counsel for their personal injury claim. This allows people who would not otherwise be able to afford a lawyer to have their claim pursued and get the same respect as someone who may have money.
Another benefit of a contingency fee is the fact that if you do not win, you are not responsible for the lawyer fees. There are some expenses the personal injury lawyer may require you to pay back, including the money costs of investigating the case. The fact that the lawyer is willing to work without upfront money, puts most people at ease after an injury.
There is only one disadvantage to hiring a personal injury lawyer on a contingency fee. That is the fact that you may not get as much money as you would if you paid a lawyer up front. Contingency fees will usually allow up to one third of your settlement to go to a lawyer if you win your case. This is not a negotiable amount so if your claim is settled quickly, you may miss out on a lot of money. You can talk to the lawyer during the initial consultation to see if he or she will offer a more flexible amount if your claim settles quickly.
No matter what route you take, getting assistance in filing a personal injury claim will help you have the best chance of winning. Claims require documentation that can be difficult to obtain without help. A lawyer that specializes in a personal injury will have experience in working with police, medical personnel, and the insurance companies to get this important documentation. People who are injured should always consult with a law firm as many of them offer a first consultation free of charge. If you have a valid claim, the law firm will let you know during this consult, and then you can decide whether hiring them on a contingency fee will work for you.