After suffering an injury, you may understandably be under considerable financial stress as you recover from your injuries.
You may wish to pursue an action to receive compensation from the person responsible for your injuries, but you may feel overwhelmed by how to pay for a lawyer.
Fortunately, most personal injury attorneys offer to work on a contingency fee for clients.
If you suffered injuries in an accident, contact a qualified personal injury attorney to discuss your options for compensation.
What Is a Contingency Fee?
You may be reluctant to get a lawyer because you’re worried about how much a personal injury lawyer will cost.
You don’t really need to worry about paying for your legal representation because contingency fees are relatively standard for the field of personal injury law and create a relatively low-risk financial obligation for potential clients.
A contingency fee arrangement is a contract between an attorney and a client.
If the client recovers compensation through settlement or trial, the attorney receives payment through a percentage of that amount.
Through contingency fee agreements, your attorney’s interests align with your own. If you win, they get paid.
Many injured victims feel assured by working with an attorney on a contingency basis as both parties benefit from earning a just result in a case.
What Is the Average Contingency Fee?
Personal injury attorneys generally request a contingency fee from 33% to 40% of the total settlement or award.
The contingency fee agreement is completed and signed upfront. It sets out the exact percentage, so there are no surprises later.
Percentages may increase if the case goes to trial.
For example, if the case resolves before filing a lawsuit, the contingency fee agreement may provide for a 30% collection of the total settlement amount.
In contrast, if the client files a case that goes to trial or involves mediation or arbitration between the parties, the contingency fee agreement may require 40% of the total compensatory award.
A personal injury attorney may request a higher contingency fee agreement based on the level of preparation, time, and resources required.
What Is Required in a Contingency Fee Agreement?
The Virginia State Bar provides several requirements for a valid contingency fee agreement.
A contingency fee agreement must state in writing:
- The method of the fee is to be determined, including the percentage that goes to the lawyer in the event of settlement, trial, appeal, and other expenses;
- A determination of whether expenses are deducted before or after calculating the contingency fee.
Upon conclusion of the contingency fee matter, the lawyer must provide the client with a written statement stating the outcome.
If there is a recovery, the agreement must show the sum provided to the client.
Contact a Top Personal Injury Lawyer in Virginia
Suffering a serious injury can devastate your life.
You need comprehensive medical care and the resources to keep you going until you get back on your feet. But you also need a lawyer.
You may wonder about the cost of a personal injury lawyer after an accident.
At River Run Law, we aggressively pursue justice and fair financial compensation for injured victims.
Contact our office today to discuss your personal injury case and how we can help you.