What are contingency fees? Residents of Virginia may want to learn more about this term in legal language because many people see confusion when faced with some of the jargon used for legal issues.
What is a contingency fee?
The contingency fee paid to the attorney has a base in your winning of the case. Whether you win or lose, there are certain fees that will go to the lawyer. However, they are not the contingency fee, which depends on your win.
By previous agreement
The contingency fee will be a previously agreed percentage; in many cases, it is one-third. You will know what the lawyer will recover, and there will be no surprises about the fee if you win.
Representation becomes possible
Recovering from a motor vehicle accident is difficult; you want to be able to rest and heal, knowing that you do not have to worry about the attorney’s payment. If you normally could not afford a lawyer, the contingency fee is a relief.
Contingency fees are not available for some cases
Paying for legal advice does not rely on the contingency fee. Divorce cases do not use this type of fee agreement either.
All agreements are different
You must read through the contingency fee agreement even if it includes difficult legal terms. When will the lawyer receive payment, before or after the case is closed? Deducting trial costs and expenses before or after collecting a fee may have an effect on the amount of money that you will receive. Always ask questions until you understand.
If you are injured in an accident and normally could not afford an attorney, you might want to know about the contingency fee. It may be helpful in gaining representation because the lawyer will get this fee only if you win your case. Each case is unique, but your understanding of the contingency agreement will be helpful.