Lawyer Contingency Fee Agreement Types
Today I want to discuss the typical types of contingency fee arrangements that personal injury lawyers have. Choosing a personal injury lawyer is not like shopping for a car. Top notch personal injury lawyers are highly experienced in their field. Do not choose an injury lawyer solely based on price. Some lawyers will offer cheaper rates than others. Some lawyers will offer higher rates than others. All highly experienced injury lawyers have higher contingency fees. Some will have a flat rate contingency fee. Others will have a graduated rate contingency fee. What is the difference?
What Is a Flat Contingency Fee?
A flat contingency fee means that the lawyer’s fee does not increase with the steps taken in the lawsuit. The fee remains the same whether your case is resolved before litigation or if it goes to trial.
What Is a Graduated Contingency Fee?
A graduated contingency fee means that the lawyer’s fee increases according to certain steps taken in the lawsuit. For example, some firms will increase their fee by 2 or 3% for taking the following steps (generally corresponding to stages in the litigation):
What Contingency Fee Questions to Ask Your Injury Lawyer?
If you are retaining a lawyer with a graduated contingency fee, ask your lawyer about the likelihood of your case being resolved at the various stages mentioned above. This will give you a better idea of the fee you will actually be charged in your case.
If you are retaining a lawyer with a flat contingency fee, ask your lawyer if there any other fees that may be charged, what they are for, and the likelihood of those fees being charged. Almost all injury lawyers will offer you a no risk free consultation.