If you have a legal case and you’re looking for an attorney you have likely seen or heard them mention contingency fee agreements.
But what does that mean?
Essentially, it means that the lawyer does not get paid unless you do. According to the American Bar Association, the contingency fee definition is “a client who pays a lawyer only when their case is handled successfully.”
This often means that the client pays little to no money up front but is then promising to pay a certain percentage. Here’s an example with easy numbers.
An attorney takes your case on a 20% contingency fee basis and because of their work you are awarded $1000.
Since you agreed on the 20% lawyer contingency fee, you will take home $800, and your attorney will keep $200.
Every attorney and firm will have different requirements, minimums, and contingency fee structures, so be sure to seek out all the details before handing your case over to an attorney.
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