When people consider retaining legal representation, one of their main concerns is the cost. After all, lawyers are known for charging highly hourly rates, sometimes in the range of hundreds of dollars per hour. As a result, legal services may be financially out of reach for many people, or so they may think. In some cases, people may be able to obtain legal representation without having to pay anything at all unless their case is brought to a successful resolution.
Contingency Fees Align Interests and Ensure that Injured Victims have access to Legal Counsel
A contingency fee1 arrangement is one in which a lawyer agrees to represent a person for a percentage (usually one-third) of any recovery that is ultimately obtained. If there are up-front costs associated with litigation, the lawyer or firm will pay for them out-of-pocket. This type of arrangement aligns the lawyer’s interests with those of his or her client – if the client does not recover compensation, the lawyer does not earn any money for his or her work. In addition, the more the client recovers, the more the lawyer earns, incentivizing zealous representation. Additionally, contingency fees allow people who need legal representation to obtain it, regardless of their ability to pay.
When are Contingency Fees Used?
Not every case is appropriate for a contingent fee arrangement. Contingency fees are most often used in personal injury cases as there is typically a good chance of recovery and injured parties are not in a position to pay legal fees until after their cases resolved. Contingency fees are also used in certain construction and commercial cases in which a person or businesses has suffered financial losses as a result of a breach of contract or negligence. Some cases can be handled on the basis of a low, affordable hourly rate, together with a reduced contingency fee, depending on your specific circumstances and the type of case.
Call McLarty Wolf Today for a Free Consultation
If you think you may need legal representation or simply would like to discuss your legal options, you should contact McLarty Wolf immediately. To schedule a free telephone consultation with one of our lawyers, call our office today at 604-688-9542 or send us an email at email@example.com.