What is a Contingency Fee?

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Contingency fees are one of the most important concepts for victims of personal injury accidents in North Carolina. That’s because, when a negligent defendant harms you or your family, sometimes it’s not just the physical harm and emotional damages that can become overwhelming. Financial damages can be equally as crippling as physical injuries, and can result in drastic life-changing problems for victims and their families.

But rather than pile on to these financial burdens, contingency fee agreements allow accident victims to retain the attorney of their choosing at no upfront cost and for no out-of-pocket expense. Unlike other types of fee arrangements, a contingency fee agreement is when a lawyer agrees to only take legal fees from a percentage of what is recovered for a victim – and only after it is recovered. That means there is a no win, no fee guarantee.

By doing so, the lawyer is the one fronting all of the money to pursue your claim and is taking the financial risk in a case – allowing victims and their families to keep money in their pockets now to pay rent and the bills while out of work.

As to the actual percentage of the contingency fee, that varies depending on the type of case and the complexity of the case. However, in all cases that amount must be reasonable and not excessive under North Carolina law. Due to this, clients are also guaranteed that their personal injury lawyer will work hard to earn their legal fees to ensure it is reasonable, just, and fair. Thus, the lawyer which accepts your case has a direct interest in maximizing your potential recovery.