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What is a contingency fee agreement?

On Behalf of | Sep 3, 2021 | Personal Injury |

If you have suffered a catastrophic injury in a car wreck, you are likely to experience some financial insecurity After all, fewer than four in 10 Americans have enough savings to pay for even a $1,000 emergency. You probably should not panic about your mounting medical bills, though.

The individual or individuals who are legally responsible for the accident should have to pay for your medical care, lost wages and other crash-related expenses. Working with an experienced personal injury attorney may improve your chances of receiving the financial compensation you deserve. Luckily, even if you are penniless, you can probably afford to hire one.

Your lawyer’s costs

Because lawyers have to pay for office space, computers, research sources, bar dues and other expenses, practicing law is not cheap. To cover their costs, attorneys must charge clients for their time and expertise. Accordingly, you should expect to receive an itemized bill from your lawyer eventually.

Your fee agreement

Before entering into an attorney-client relationship, most lawyers ask clients to sign a fee agreement. Personal injury attorneys often work on a contingency basis. With this type of fee arrangement, your lawyer does not charge you until your case reaches a successful outcome. If you do not win, your attorney does not collect from you.

Your financial obligation

Even with a contingency agreement, you may have to pay for a few expenses. Clients typically pay for filing fees, police records, expert witnesses and other similar items.

When choosing your attorney, it is important to understand the contingency fee agreement. Ultimately, though, knowing you are not likely to spend much until you win may put your mind at ease at a time when money is in short supply.