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What are contingency fees?
Contingency fees describe a prior arrangement between a lawyer and his/her client wherein the lawyer receives a set percentage of the amount awarded to the plaintiff in a case.
Most law firms set their contingency fee between 35 and 50% of the total recovery. At the Law Offices of Houston M. Smith, P.C., our contingency fee is 33.33% if your case is settled prior to filing a lawsuit and 40% if the recovery is made after a suit is filed.
Contingency fee contracts are advantageous for injury victims who often can’t afford the high costs associated with bringing personal injury claim to trial. Rather than coming out of pocket with thousands of dollars to prove the merit of your case, your attorney puts up his or her time and money in hopes of getting a good recovery on your behalf.
Assuming your attorney wins the case and you (the plaintiff) are awarded compensation for your accident and injury, only then will your attorney receive any fees. This is also when your attorney will be reimbursed for expenses incurred while pursuing your injury claim.