Lawyers can be expensive, and no one wants to file a claim only to lose it and end up paying even more money to the lawyer. This is especially applicable in the case of personal injury claims.
However, you do not have to worry about the high fees that some lawyers charge, as most of them work on contingency bases especially in personal injury claims. This means that your lawyer would not get any pay if he does not win the case.
More About Contingency Fee
The main reason to opt for contingency is that you do not have to worry about paying anything out of your pocket.
Since the contingency agreement mostly applies in the cases involving money, your lawyer gets a set percentage of the total compensation when you win the case.
Since the lawyer is taking a seemingly big risk, he might ask for more payment. But your lawyer will also try to maximize the compensation in order to increase his cut.
How Much They Usually Charge?
Contingency fee is usually a fixed percentage of the compensation rather than being a fixed fees.
In most cases, contingency fees is 1/3rd of the total received compensation if the matter is resolved in settlement. However, this number might jump to 40% or higher if a lawsuit is filed and the case is taken to the court.
Who Works on Contingency Bases?
Lawyers of any specialty can agree to work under a contingency agreement. But this mostly happens in personal injury claims. Criminal trials are also exempt from this type of agreement.
Most of the personal injury attorneys in Chicago IL 60601 go with this method because in some cases, the compensation amount can reach hundreds of thousands of dollars. The high risk, high rewards rule plays its part here.