What Is A Contingency Fee Attorney?
Some people are hesitant to hire an attorney because they are concerned about legal fees. However, working with a contingency fee attorney means that you will not owe anything if your attorney fails to deliver results. A contingency fee attorney is a lawyer who charges their clients a fee based on the outcome of a legal case or claim. Instead of charging an hourly rate or a flat fee, a contingency fee attorney typically agrees to represent a client without requiring upfront payment.
Under a contingency fee arrangement, the attorney’s fee is contingent upon the successful resolution of the case or claim. If the client wins the case or receives a favorable settlement, the attorney is entitled to a percentage of the amount recovered as their fee. However, if the client does not achieve a successful outcome, the attorney may not receive any payment for their services, although some attorneys may still charge for expenses incurred during the case.
The Benefits of a Contingency Agreement
There are many benefits of working with a contingency fee attorney. Below are just some of these positive aspects:
- Level the playing field – When a potential legal battle appears that it will be one-sided because of the immense size and power of one party and the relatively small pockets of a smaller opponent, the smaller party may benefit by working with a contingency fee attorney. Do not let a large company intimidate you into submission by threatening a lengthy and expensive legal battle; a contingency fee attorney will be able to provide the same level of legal power and experience without requiring a large upfront fee or financial pressure throughout your case.
- Better communication with your attorney – Instead of rushing through on-the-clock conversations and meetings with your attorney, in an attempt to keep the time and hourly fee at a minimum, a contingency fee system allows you to freely communicate with your attorney. Better communication and taking out added stressors will inevitably result in a better resolution and a more pleasant experience for everyone involved.
- Reduce litigation risks – Litigation can quickly become overbearingly expensive, particularly for smaller parties. When a large company takes on a small company or individual, the smaller party takes on essentially all of the litigation risk, according to WIPO Magazine. Even medium or large businesses are at risk of losing thousands of dollars in litigation. A contingency fee takes out all of this financial risk. If your attorney does not come through with a desirable outcome, you do not owe anything, even for litigation.
Contingency fee arrangements provide access to legal representation for individuals who might otherwise be unable to afford legal services. The business litigation attorneys of Pike & Lustig, LLP work closely with our clients to make sure that their wants and concerns are heard, and that our contingency fee system works for them. Contact our law offices today to set up an appointment with a contingency fee attorney.