Those who have been injured in an accident, whether it be a car accident, slip and fall, or something else, can feel more than the full weight of their injuries. On top of the physical pain, there can also be a significant financial burden placed squarely on their shoulders. The wait for the insurance company to make an offer on a claim or pay out what is due can feel never-ending. This is particularly true when you consider that, in the meantime, the injury victim will likely have significant medical bills piling up. To see these bills rapidly accumulate as the injury victim pursues the medical care they so desperately need to address their accident injuries can be stressful, to say the least. When you add on the fact that he or she may have missed work or even lost work because of these injuries, it can add a whole new level of financial strain. So, what is a person to do? The thought of paying for an attorney to help pursue the personal injury claim is unrealistic to expect of a person in this situation. The legal system recognizes that these situations are all too common and that injured parties deserve to have a trusted attorney by their side even if they cannot afford it under current circumstances. That is where the contingency fee comes into play.
What Is a Contingency Fee?
Most personal injury attorneys in New York operate on a contingency fee basis. You may hear attorneys proclaim that they do not get paid unless and until you get paid. This is them alluding to the contingency fee structure. A contingency fee is a fee that is only paid out upon the occurrence of a specified event. In the context of a personal injury case, this event is either when the insurance pays out on a settlement agreement or pays out on a damage award ordered by a court of law.
When you work with an attorney on a contingency fee basis, there is no need to pay the attorney upfront. You will not be billed on an hourly basis for the work they put in for you. Their payment is contingent on you getting paid for your claim. Your lawyer puts in all of the work upfront and gets paid later on. When you recover on your claim, the lawyer will deduct the contingency fee from that recovery. It should be clearly laid out as fees and disbursements being deducted from the recovery amount. The fee will usually be based on a percentage of the recovery amount as set forth in the retainer agreement you should have signed when you initially hired your lawyer. It is very important that you carefully review your retainer agreement prior to signing so that you understand the fee arrangement you are agreeing to.
Westchester Personal Injury Attorney
Attorney Michael LoGiudice works hard for his clients from the very beginning. Our office understands the immense pressure an accident injury victim can be under and we are here to help carry some of the heavier burdens that may have settled in on your shoulders. Contact us today.