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How Do Contingency Fees Work in a Car Accident Dispute?
Work With a Tampa Car Accident Lawyer Today
If you’ve been harmed in a car accident, then you may be entitled to sue and recover damages under Florida law. However, many prospective plaintiffs choose not to bring a lawsuit or even to speak to an attorney, thinking (incorrectly) that they will have to pay out-of-pocket for the cost of litigation.
The reality is that personal injury attorneys often work on a “contingency” basis, whether they are litigating a car accident dispute or a medical malpractice claim. Contingency fees put the power back in the client’s hands.
Let’s take a closer look.
Contingency Fees Are Due Only if You Get Paid
The principle behind contingency fees is relatively straightforward — the attorney accepts a percentage of your overall recovery (whether those damages are recovered through a settlement or trial litigation, or otherwise). In return, the attorney will represent your interests while covering all the out-of-pocket costs of litigation.
Simply put, you will not have to pay anything to litigate your case. Your attorney will handle all the costs. Payment occurs on the backend.
It’s worth noting that contingency fees can vary from firm-to-firm. As a general rule, however, most contingency-based firms tend to charge around 30 to 35 percent of the compensation obtained prior to trial. If a trial is necessary, the fee may increase to up to 40 percent.
Contingency Fees Make for Efficient and Effective Representation
The nature of contingency fees is such that the Tampa car accident lawyer representing you is incentivized to act efficiently and effectively at every stage.
For example, as an attorney working on contingency fees is only paid when you obtain compensation, they are motivated to secure the maximum available compensation — this has a direct bearing on their own pay. If the attorney makes 35 percent of a $500,000 settlement, that will be a much greater return for their time than if they were only able to secure you a $250,000 settlement.
Further, an attorney working on contingency will be motivated to act quickly to fully resolve the case — the longer the case goes on, the more costs that the attorney is taking on out-of-pocket (i.e., paying for expert witnesses, investing time in evidence gathering and deposition taking). By contrast, an attorney who is working for hourly pay will be motivated to extend the case as long as possible.
Speak to a Tampa Car Accident Lawyer for Assistance
At Alley, Clark & Greiwe, our attorneys have decades of experience serving injured clients throughout the state of Florida, representing their interests in a range of personal injury disputes, from car accidents to product defect scenarios.
Over the years, we have established a reputation as relentless, thorough advocates who are willing and able to take a case to trial. This approach gives us significant leverage against defendants, often allowing us to secure a favorable negotiated settlement in the early stages of the case.
If you’d like to speak to an experienced Tampa car accident lawyer at our firm, call us at (800) 840-0977 or contact us online to arrange a free initial consultation. We look forward to speaking with you.