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What are contingency fees in your personal injury case?

On Behalf of | Sep 26, 2023 | Personal Injury

When pursuing a personal injury case, you might worry that you cannot afford the cost. Personal injury cases on contingency can save you the stress and worry about that initial payment.

Understand the basics of contingency fees before you pursue your personal injury case.

What are contingency fees?

Contingency fees represent the amount of money you pay out of a settlement if you receive one for a personal injury case. With a contingency-basis fee agreement, you pay nothing upfront for your case because the contingency fee only applies if you win.

Benefits of contingency fees

Opting for a contingency basis on your personal injury case has its advantages. First, it allows you to pursue your case without concerns about how to pay any upfront costs. This is important after an injury when you might be out of work. Additionally, you can better plan for the costs associated with your case without worrying about incurring additional fees for further research or an additional deposition.

Understanding costs and agreements

Many people prefer contingency fee arrangements for the peace of mind of reducing their initial expenses. Make sure you understand the contract since it defines the compensation percentage and any additional expectations.

Considering contingency representation

Before you decide if a contingency is right in your situation, think about the benefit of pursuing your case right away instead of having to save money. According to Forbes, half of all personal injury plaintiffs receive $24,000 or less. Boost your chances of a larger settlement by choosing a case on contingency for your personal injury.