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The Cochran Firm Legal Blog
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Monday, February 10, 2014
What is a Contingency Fee Payment System?
One argument you hear a lot from people who want to restrict
victims’ ability to pursue justice and compensation through the court system is
that litigious and greedy personal injury
lawyers clog the courts with frivolous, silly law suits.
The reality, of course, is drastically different. At The
Cochran Firm and most other firms handling personal injury cases, our lawyers
work under a contingency
fee payment system.
A contingency fee payment system is designed to protect
clients from the costs of unsuccessful lawsuits. It basically works like this: our
personal injury lawyers only get paid if they recover an award for you. If your
case is unsuccessful, your attorney does not receive a fee.
The personal injury lawyer receives a percentage of your
final compensation. The exact percentage depends on the firm and the case, and
we’ll be sure to discuss this in detail when you retain our attorneys.
So, for example, in a hypothetical case with a 30 percent
contingency fee and a $10,000 award, the attorney would receive $3,000 and you
would receive $7,000.
Finally, the personal injury lawyer’s expenses
(investigating, arranging expert witnesses and other related expenses) are
taken out of the total recovery. In our hypothetical case, if the lawyer spent
$1,000 preparing the case, he would receive $4,000 total, and you would get
$6,000.
This system creates an incentive for our personal injury
lawyers to be honest with you about the prospects of your case. We only pursue
claims we think have a reasonable chance of success.
If you need an experienced, trustworthy personal injury
lawyer, please contactThe Cochran Firm today for a free consultation.
posted by Admin at 3:28 AM
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