Understanding Contingency Fee Contracts for Injury Cases
Contingency Fee Contracts and Standard Rates
You’re injured, you need a lawyer, you don’t have a lot of money, but you know you need a lawyer to help you get compensated for your injuries and your damages. So how are you gonna pay a lawyer? I’m Mike Ashworth, I’m a personal injury attorney in Oklahoma, and today we’re gonna talk about something known as a contingency contract.
Now, the code of ethics for Oklahoma lawyers is that when you have a contingency fee contract, it must be in writing, hence the word contract. The way it works for almost every law firm in the state, and for most states in this part of the country, with some exceptions, is that an attorney may take a case on a contingency fee. In other words, we’re not gonna charge you hourly. If they did, well, one of my standard rates right now would be $350 an hour. Well, most people can’t afford that when they get hurt, they need a lawyer.
The Percentage Breakdown
So what happens is the lawyer assesses the case and makes a decision. I think there’s a good chance we can help this person out and recover money for damages. So I’m going to go ahead and I’m going to say if we can resolve this case without the need to file a lawsuit, negotiating with the insurance company, then we’re gonna take 33 1 3rd% of whatever the sum total is. Now, if we have to file a lawsuit, or what I call going into a shootin’ war, it goes to 40% because our time and investment has increased. If it goes to what is known as a mediation, settlement conference, or a pretrial conference, that entails a lot of work. It’s almost like getting ready for a trial. It goes to 45% and you get to the final day trial.
It could be a one day trial, it could be a five day trial, but the standard fee charged on a contingency fee contract is 50%. So that’s what is meant by a contingency fee contract. Remember, in a personal injury case, a tort case, it must always be in writing. Signed by the attorney, signed by you. The other thing is that there are some types of law where they cannot do contingency fee cases. Criminal cases may not be done on a contingency fee. Family law and divorce cases cannot be done on a contingency fee with the exception of collection of child support.
Contact Us for a Free Consultation
So now you have a better understanding of a contingency fee contract. You get hurt, you have a personal injury, you need something, you call me, Tulsa personal injury lawyer Mike Ashworth at 918-924-5528, TulsaPersonalInjuryLawyer.pro.
