Many people in Concord, NC, aren’t familiar with the concept of a contingency fee. What kind of cases do they apply to? How much will you owe the attorney who takes your case on a contingency fee basis? At The Law Offices of Jason E. Taylor, we provide contingency fee services to our clients in various cases. If you’re unsure whether your situation qualifies for this arrangement, contact us today for a free consultation.
What is a Contingency Fee?
A contingency fee is the percentage of fees your lawyer will subtract from your case’s gross settlement or verdict proceeds. Your attorney will not be paid until the case is resolved. Other fees such as filing fees and expenses, will be deducted from the gross settlement or verdict proceeds if a contingency fee is involved. They However, if you don’t win your case, you will not owe the contingency fee, but you may be responsible for other expenses such as court costs. won’t be paid this percentage if you don’t win your case. However, you will still be responsible for other fees, such as filing fees and expenses. These additional fees will be deducted from the gross settlement or verdict proceeds if a contingency fee is involved.
How Much is a Contingency Fee?
The standard contingency fee is 1/3 or 33⅓% of a client’s settlement. Some cases have a higher contingency fee. For example, if your case goes to court, this contingency fee usually increases to 40% once a lawsuit has been filed.
What Are the Benefits of Using a Contingency Fee?
People who’ve been injured and are seeking compensation need to pay their medical bills before insurance companies or responsible parties can reimburse them. In this case, a contingency fee arrangement will allow you to get the legal representation you need without worrying about how you’ll pay for it. Contingency fee agreements allow you to get the help of a highly qualified lawyer without having to pay an arm and a leg in advance.
Who Pays the Contingency Fee in a Concord Personal Injury Case?
A contingency fee is paid from a personal injury case’s settlement, judgment, or verdict proceeds. For example, if you were injured in Concord, NC, in a bicycle accident near McGill Ave N.W. and Poplar Tent Rd, and your case settled for you may win $200,000 in your settlement. If your case settles outside of court, your lawyer’s contingency fee plus other legal expenses would be paid out of that settlement.
The contingency fee would be paid out of the total jury verdict amount if your case went to trial. If you have any medical liens, they’ll also be paid out of your settlement. After that, you will be issued a check for the remaining funds.
Settlement Memorandums and Concord Personal Injury Cases
Your lawyer will generally write up a settlement memorandum when you settle a case. This document explains how much money you received from the settlement and what expenses were deducted from that amount. It may also include other information about the case, such as whether it was settled before or after trial or which party made the offer to settle.
Contact a Concord, NC Personal Injury Attorney Today
If you have questions about contingency fee agreements for your personal injury case in Concord, NC, please do not hesitate to contact The Law Offices of Jason E. Taylor, P.C. Our experienced Concord lawyers are here to help you get the compensation you deserve.