“Contingency fee” is a term often used in legal settings, particularly in cases involving financial settlements. It is a payment arrangement that you and your lawyer will establish at the beginning of your relationship to govern how your attorney will get paid when your case is resolved. Read on to learn more about this important concept and what it means for you and your personal injury case.
Defining Contingency Basis
The contingency fee is a common structure for clients to pay their attorney’s fees. In this setup, the attorney receives a percentage of the client’s settlement amount. This way, the client does not have to pay any legal fees out of his or her own pocket. Instead, the fee is deducted from the final settlement. If the client loses the case, the lawyer does not receive any fee.
Because the attorney’s payment is tied to the settlement outcome, you’ll usually see this arrangement in specific cases. These include personal injury, worker’s compensation, and medical malpractice cases. This type of arrangement can be used in other legal situations involving financial settlements.
Contingency fees can vary in terms of the percentage that will go to the attorney. In Florida, the standard contingency fee for cases that resolve without a lawsuit being filed is 33 ⅓ percent of the total settlement. In cases in which a lawsuit is filed, the standard contingency fee in Florida is 40 percent.
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Benefits of the Contingency Basis
Contingency agreements are popular because they can have benefits for both the attorney and the client. Since payment is dependent on the outcome of the case, the attorney is taking a bit of a risk. They are essentially betting on themselves to be able to achieve a successful resolution. This can sometimes make attorneys more selective in terms of which cases they will take on. However, it also means they will likely dedicate significant time and effort to each case to have the best chance of winning in court.
For you, this means that your attorney will be doing everything in his or her power to get you the best possible result in your case, whether that means reaching a settlement or taking your case to trial. The larger your settlement or verdict, the more your attorney will get paid. Of course, that means you’ll receive more money as well. This is a win-win situation for both you and your attorney, so everyone’s interests are aligned.
Trust Andrew Pickett Law
If you or a loved one is injured due to the negligence of another in Florida, you can count on Andrew Pickett Law to handle your case on a contingency fee basis. We’ll work hard for you, and we only get paid when we win. Contact our firm today for a free, no-obligation consultation to learn more about our fee structure and how we can help with your personal injury case. Call us today at (321)-503-4014 to get started.