Understanding the Pros and Cons of Contingency Fees

Understanding the Pros and Cons of Contingency Fees

Personal injury and wrongful death cases can involve outrageous upfront costs from hospital bills to securing the right attorney. According to the National Safety Council, a wrongful death accident can cost around $1,750,000 not accounting for fees in the legal process which can add up quickly.

While justice is important, many may be deterred by a lawyer’s price tag. In some cases, it may be in an individual’s best interest to hire a contingency personal injury attorney, or wrongful death lawyer to minimize their financial obligations.

Read further to understand why you should consider paying your accident lawyer contingency fees as opposed to a traditional payment model.

Why Do Lawyers Take Cases on Contingency?

A lawyer may choose to practice under contingency because of their understanding and sympathy towards clients and their financial situations. When accounting for the immense losses that come from sustaining a personal injury or losing a family member to a wrongful death car accident, many lawyers feel it is unjust for their clients to pay for every small thing.

An attorney that works on contingency is risking their salary because of their confidence in the case. Winning the case and recovering fair compensation is their motivating factor as opposed to draining your pockets.

Contingency fees benefit both parties as they both desire a high recovery payout. However, contingency cases highly benefit the client as there are no upfront fees to be concerned with until the case is won and the compensation is awarded.

Attorney That Works on ContingencyPro Bono vs Contingency Cases

Because of their similar nature, many are confused by the difference between pro-bono and contingency cases. Pro-bono translates to “for the public good” which in the legal field means lawyers may take on cases voluntarily as a form of service to their community. Typically this would be free of out-of-pocket costs for the client.

On the other hand, while contingency fees lessen the financial burden, it typically results in a client having to pay a fee of some sort. For example, if the client wins the case they may have to pay a percentage of the compensation to their wrongful death attorney.

What is the Standard Contingency Fee for an Attorney?

Contingency agreements differ for each lawyer depending on a variety of factors including:

  • the complexity of the case
  • amount of time spent on the case
  • location of the practice
  • type of case

A typical contingency fee is around 40% of the recovery. However, the contingency personal injury attorney will draft an agreement for approval prior to working on the case.

While hiring and firing an attorney on contingency is up to personal discretion, it is important to understand that financial fees may result in backing out of an agreement. You may still owe a sum to an attorney that works on contingency if they completed a substantial amount of work prior to dissolving the agreement.

Paying an accident lawyer contingency fees will not impact your chances of winning a wrongful death suit in any way, and is a personal preference.

Contingency Attorneys In Los Angeles

Losing someone in a wrongful death car accident is a tragic situation that should not include added monetary pressure. Our team of contingency attorneys in Los Angeles will take on your case on a no-recovery, no-fee basis so you can focus on healing. Contact us online or call us today for a free consultation on your case.

Contact our office or call 213.252.1070 today for a FREE consultation.