Hiring a lawyer can be a big expense for many people. Fortunately, when you hire a lawyer they often have payment structures that make paying for their services easier.
One of those payment structures is a contingency fee. Contingency fees allow the lawyer to receive a portion of the monetary amount that their client receives when they win or settle a lawsuit. This is the most common payment structure for Las Vegas personal injury attorneys.
Why Use Contingency Fees in Las Vegas, Nevada
Contingency fees can make paying for legal services a lot more feasible for a client who is not wealthy. Legal services can be very expensive, but that does not mean that accident victims should settle for low quality of legal representation.
Contingency fees allow clients to receive high-quality legal representation and appropriate compensation for their injuries without worrying about how they will pay for legal expenses.
This type of fee structure is also good for lawyers because it incentivizes them to get the best settlement possible for their clients. Additionally, this payment structure can help avoid issues with the client not paying for the legal services.
Other methods of payment include hourly fees and retainers. A retainer is an upfront payment determined by the lawyer’s hourly rate for a certain number of hours of work.
How Do Contingency Fees Work?
The Model Rules of Professional Conduct dictate how a lawyer should act when working with clients, in a courtroom, and while soliciting clients. These rules defined how contingency agreements should be set up.
The rules require that contingency fee agreements be in writing and signed by the client. Lawyers must notify the client of any expenses which the client will be responsible for, and how the fee is to be determined.
These rules help create a clear understanding of how the payment method will work for both the attorney and the client.
There are a number of costs associated with building a case that are usually included in these fee arrangements. They may include:
- Expert analysis and consultation
- Court fees
- Costs for certified records
These costs are deducted from the settlement or award allowing the client to walk away without out-of-pocket expenses.
Generally, contingency fees are deducted from the award or settlement that the client receives. The percentage a lawyer charges in a contingency fee generally ranges from 30% to 40%.
How Much is a Contingency Fee?
The amount of a contingency fee varies depending on the case. There are a few factors that determine the amount for the contingency fee.
These factors include:
- Time and Effort: Some cases take more time and effort than others. An experienced personal injury lawyer will be able to estimate how much time they will need to put into a case and from there, they can determine the appropriate fee. A less experienced lawyer may have trouble coming up with a number for the contingency fee based on this factor.
- The Risk Involved: While some claims have a lot of evidence and strong documentation to back them up, others do not. The cases where outcomes are uncertain may require a higher contingency fee. This is due to the fact that a lawyer is risking their own resources and time to work on the case. If they are not certain about their chances of success based on their experience, the risk is much higher.
- Settlement and Trial: Experienced lawyers can estimate whether the case will go to trial or be settled. A settlement is a much faster, lower-cost process, so the contingency fee may be lower if the chances of the parties agreeing to settle are high. If a case is likely to go to trial, the lawyer and firm will have to incur added expenses and invest more time and resources.
Contingency fees vary depending on the case, but overall it is best to hire a lawyer who is experienced in the area of law and the type of case that you are dealing with.
Get Help From an Experienced Las Vegas Personal Injury Lawyer
Contingency fees are one of the best ways for clients to get the legal help they need without upfront, out-of-pocket legal expenses. An experienced Las Vegas personal injury lawyer can help you win your personal injury case without high upfront hourly fees. Contact De Castroverde Accident & Injury Lawyers at (702) 222-9999 to schedule a free consultation to discuss your case.