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What is a Contingency Fee?

October 05, 2023

What is a Contingency Fee?

If you’ve been injured and want to file a personal injury claim against the negligent party, you’ve probably started looking for a Davidson County personal injury lawyer to represent you. You’ve also probably seen lawyers claiming that you will not have to pay them if they don’t win your case or something along those lines. This is not a scam or marketing tactic, but an actual contract called the contingency fee agreement.

The vast majority of Davidson County personal injury lawyers offer their legal services on a contingency fee agreement. But what exactly does this mean for you when you decide to hire a lawyer on contingency?

Understanding How Contingency Fee Agreements Work in Personal Injury Claims

With a contingency fee arrangement, your lawyer will handle your case without requesting money from you upfront. In turn, you agree to pay your lawyer a pre-determined percentage of the monetary compensation your lawyer negotiates or wins for you in court. The contingency in this arrangement is whether your lawyer secures compensation for you through an insurance settlement or an award in court. Your lawyer will only get paid from the compensation you receive.

In most cases, contingency fees are around 33% to 40%, depending on various factors, which typically include the following:

Crucial Things to Remember Before Signing a Contingency Fee Agreement

Make sure that you understand all the terms of the agreement before you sign it. Don’t hesitate to ask your lawyer about any concerns you may have. Reputable Davidson County personal injury lawyers will not make you sign anything unless they are sure you understand what you’re signing. You should also know that whether your lawyer loses or wins your case, you may need to pay for court fees and related legal expenses. Your lawyer should give you an estimate of these costs.

Ensure that the agreement specifies how much your lawyer will take from your compensation and when their share will be determined whether after or before deducting other costs. Your agreement must also specify whether you’ll need to pay your lawyer for associated legal matters that are not included in the agreements but may arise during the course of your case.

Consult With Our Experienced Davidson County Personal Injury Attorneys Today

Working on a contingency fee basis motivates our Davidson County personal injury attorneys to work diligently on your case and do all they can to secure maximum compensation on your behalf. Reach out to Raybin & Weissman to learn more about your personal injury case and how contingency fee agreements work. To arrange your free case review, please call 615-256-6666 or fill out our online form.