How do contingency fees work in a personal injury case?
Hi, I am Ted Spaulding. I am an Atlanta personal injury trial lawyer with Spaulding Injury Law. So, here’s how contingency fees work.
They are a percentage of whatever is recovered from a settlement or a verdict if your case is tried to a jury.
Now, they are different from the hourly fee structure that a lot of attorneys charge clients.
Gone are the days where you have to pay an attorney by the hour and pay them monthly where you’re getting invoiced and you’re having to pay them on each invoice every single month as your case goes along.
This is important because if you’re injured, you’re dealing with medical bills, you’re dealing potentially with lost wages, and to have to pay a lawyer by the hour monthly to pursue your claim can get very conversing for you and your family financially.
So, the system has created this contingency fee scenario where you don’t pay anything upfront to hire the lawyer.
They receive a percentage of what’s recovered, so they’re aligned with your interests to maximize what’s recovered from your case, and you pay it out at the end once moneys are received.
So, it’s the best of both worlds for both parties.
Now, what you need to keep in mind is that the contingency fee is only covering the time and the expertise of the lawyer you’re hiring.
What’s also coming out of the settlement or verdict in most situations are any expenses that the firm covers for you. So, you want to make sure you understand.
Those are two different line items that are going to be coming out of the settlement or a verdict, and expenses are relatively small before a case is filed in court and obviously, they go up from there if you try your case, it’s going to be more expensive than it results before trial.
So, keep that in mind. Contingency things, fees are the best thing going, it allows you to focus on your recovery and worrying about compensating your attorney at the end, once you already know you’ve received something for your injuries.
If you have any particular questions or concerns about your case, how contingency fees work, feel free to reach out to me.
You can shoot me an email or you can go on our website, we have a contact form there. That is spauldinginjurylaw.com. Thank you so much for watching this video.