What Is a Contingency Fee Arrangement?
Many lawyers charge by the hour. The cost can be $350 to $500 for an expensive attorney. With contingency fee arrangements, clients only pay their attorneys a percentage of the money they receive money from their cases through a settlement or verdict. If the client does not obtain a monetary award, the lawyer is paid nothing.
The law does not regulate the amount an attorney can charge under a contingency fee agreement for most matters. However, workers’ compensation claims and claims filed under specific federal laws, such as the Federal Tort Claims Act, are exceptions. Because of the competition among attorneys, contingency fees tend to be similar throughout the country. More complex cases requiring a considerable amount of the attorney’s time and money often demand a higher fee. In addition, if the case goes to trial or requires an appeal, the lawyer may increase the amount.
Contingency fees are approximately 33 percent of the total damages recovered for simpler cases, while matters involving a trial may have contingency fees of about 40 percent. Products liability and medical malpractice cases are likely to start at 40 percent and go up from there. Every case is different, so it is important to discuss the fees with your attorney at the outset and whenever there are significant changes in your case.
When you are ready to secure legal counsel after a personal injury accident, think of the contingency fee arrangement as an investment in a skilled attorney. Consult a dedicated North Carolina personal injury lawyer right away to learn more about your options for seeking compensation.