04 Apr What is a contingency fee?
Many people have never had a personal injury or workers’ compensation case and wonder “what is a contingency fee?” A contingency fee means an attorney does not get paid unless a recovery is made. In other words, the fee is contingent upon getting a recovery. If no recovery is made, no fee is paid. The contingency fee is for time and effort on a case by an attorney. In most cases, the contingency fee is 33 1/3% to handle a personal injury case and 25% contingency fee to handle a workers’ compensation case. Fees can vary if litigation is sought. Typically, the expenses incurred by the attorney are reimbursed, separate from the contingency fee.
A contingency fee arrangement differs from two other types of fees: hourly and flat fee. In an hourly fee agreement, a retainer is typically paid and the attorney bills against the retainer in 6 minute (.1) increments. As the retainer is depleted, a client adds more money to the retainer. Contract and domestic law cases are typically handled via hourly work. Flat fee cases are set prices, usually in traffic and criminal cases.
It is important to consult an attorney soon after a personal injury or workers’ compensation case, not only to preserve your rights, but to receive the proper consult of a trained professional. If you have been injured, CONTACT US today to review your case.
Tarun B. Rana, Esq.
Address: 655 Craig Rd, Ste 252, St. Louis, MO 63141
Phone: 314-329-7690
Facsimile: 314-735-4097
Email: tarun@ranalawgroup.com
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