An accident is one of those instances in life where everything seems uncertain. You have injuries that need healing. Your finances are draining. You’re missing work. Nothing seems to be going your way.
An accident case would be the last thing on a victim’s mind during these difficult times. But ignoring it is a bad idea. A really bad idea.
A contingency fee arrangement is developed specifically for victims who are going through difficult financial times. Read on to learn more about contingency fees.
What Is A Contingency Fee Arrangement?
Not all victims have the financial backing to pursue a rogue insurance company. Victims need legal assistance in all aspects of an accident case, from determining liability to calculating and negotiating compensation.
And this is where the contingency fee arrangement comes in handy.
With this arrangement, victims can make use of the services of a lawyer without having to pay a penny upfront.
The lawyer will offer their services for free without an upfront payment. When the victim wins the case, the lawyer will take a percentage of the winnings. This percentage is somewhere between 30% and 35%. However, if the lawyer loses the case, they don’t get paid.
Hiring a lawyer through the contingency fee arrangement has the following benefits.
No up-front charges
This is a major one. As said before, victims are often in severe financial distress after an accident. The cost of medical expenses, frequent trips to the hospital, and the number of days missed at work all simply add to the misery.
However, with the contingency fee arrangement, victims don’t have to worry about a lawyer’s hiring fee. This gives victims the advantage of legal representation without additional burden on their finances.
The victim can expect the lawyer’s assistance in
- Finding liability
- Calculating compensation
- Negotiating with the insurance company
- Producing expert witnesses to strengthen evidence
- Representing them in court if necessary
In a contingency fee arrangement, a lawyer is only going to be paid if they win the case. This means that if the case fails, the lawyer is not going to get paid.
This gives them the motivation to put in the extra effort because your success is their success. You can also expect a higher compensation amount as the lawyer has to ensure you get a fair sum once they take their cut.
More focus on recovery
Financial burden aside, the victim will have injuries that need to be tended to. The severity of the accident reflects on the injuries. This means that, for nasty accidents, the victims will require extensive hospitalization that may span for weeks, if not months. Expecting the victim to seek legal recourse during their recovery is not just unfair, but impractical.
A contingency fee arrangement is particularly useful in such scenarios. With the burden of an accident case lifted off them, victims can focus on their recovery while their lawyer does all the heavy lifting.
Lower financial risk
In a contingency fee arrangement, the victim gets the services of a lawyer without any upfront charges. The lawyer is paid only if the victim gets compensation.
If the victim loses the case, the lawyer doesn’t get paid. The victim gets access to the services of a lawyer without having to pay a penny. This is a win-win situation for the victim.
A contingency fee arrangement is a convenient way for victims to hire a lawyer without paying anything in the initial stages. With the assistance of a lawyer, it becomes easy for the victim to find the liable parties and prove their role in the accident that caused the victim’s injuries.
Additionally, the lawyer is useful when calculating compensation and during negotiations with the insurance company. This advantageous arrangement gives victims the upper hand in seeking justice for their injuries.
Shahnawaz is a passionate and professional Content writer. He loves to read, write, draw and share his knowledge in different niches like Technology, Cryptocurrency, Travel,Social Media, Social Media Marketing, and Healthcare.