Only Pay If You Win: Contingency Fees Take the Risk Out of a Lawsuit

Only Pay If You Win: Contingency Fees Take the Risk Out of a Lawsuit

A lot of people do not like to file a lawsuit because of the time, money, and energy needed for it. Most New York City citizens have busy schedules that they do not wish to shift or alter because of a lawsuit. However, if there is a personal injury case that cannot be avoided, it is imperative to get compensation with the help of an experienced attorney. This is simply because an injury that affects an individual’s ability to lead a normal life should not be overlooked whatsoever. The parties responsible for such serious damage must be held responsible in front of the eyes of the court. So, a lawyer must be hired to fight the case who is ready to accept contingency fees. Mentioned below are details about this type of fees that people can opt for:

What is a contingency fee? 

The basic definition of a contingency fee is an arrangement between an attorney and a client wherein the fee will be determined based on the settlement received after winning the case. In New York City, attorneys can only get a maximum percentage of 33.3 when a lawsuit is settled in favor of their clients. This is the only fee that the clients must pay after the judgment is given by the court. No payments are made during the course of the lawsuit to the attorney by the client.

Who accepts a contingency fee? 

Only civil litigators accept this form of payment. This means that people who are involved in criminal cases do not have the option of paying a contingency fee to their attorneys. In most scenarios, personal injury attorneys are the ones who work on a contingency fee basis by taking one-third of the settlement expected in the lawsuit. Taking this into account, it is imperative to find an experienced personal injury attorney with a solid reputation.

What are the types of contingency fees? 

Contingency fee has come into the picture for people who cannot pay their lawyers. An average New Yorker who has been injured in an accident will not have the resources to make payments till the time their health is not recovered. During the process, the lawyer will handle all the expenses related to the lawsuit. This ranges from paying expert witnesses, storage costs for evidence preservation, taking medical records from the hospital, court filing fees, subpoena fees, and retaining investigators involved in the case. When you think about it, there are a lot of expenses that the attorney will be managing on his own for this lawsuit. There are two ways in which s/he can expect contingency fee:

  • Net Sum Recovered

The fee will be calculated based on the net sum of money in a lawsuit after deducting all the expenses. 33.3 percent of the net recovery will be given to the attorney and the remaining amount is the rightful claim of the client. By choosing this type of contingency fee, the client’s share can be larger than expected because the attorney did not charge from the total amount of the settlement.

  • Gross Sum Recovered 

In this type of contingency fee, the attorney can ask for payment made from the gross recovery amount. This is the total sum of money provided in the form of a check by the insurance company. One-third of this settlement money goes to the attorney before deducting the expenses that occurred during the lawsuit.

How to find an attorney in NYC?

If you are in search of a reliable attorney in the city who accepts contingency fees, then the following three tips will help you find one:

  1. Go through Client Reviews 

In today’s day and age, you can find reviews on possibly everything on the internet. An attorney is no exception! Research online and look for client reviews and testimonials of the most reputed attorneys in the city and then shortlist them accordingly.

  1. Focus on Prior Experience 

While looking for an attorney, you must find out her/his credentials. If they have experience in the type of lawsuit that you wish to file, then it will be the right fit. You can find out detailed information about their past clients on their official websites.

  1. Consult your Friends/Family 

You can get in touch with your friends or relatives who might have knowledge about the best attorneys in NYC. In fact, they can even guide you in steering clear from some attorneys who do not have a good reputation in the industry!

In case you know someone, who has faced this legal issue, they can reach out to our personal injury experts at Siler & Ingber on 516-294-2666.

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