What is a Contingency Fee in a PI Claim?
Contingency fees level the playing field in personal injury claims, ensuring that the rights of injured victims are protected and that they get the professional legal representation they need.
When personal injuries happen due to accidents in which others are to blame, you have the right to hold them accountable for the losses you suffer. Hiring a personal injury attorney can prove expensive, but contingency fees allow you to defer payment and are deducted from settlements or jury awards received. They level the playing field, ensuring you have the professional legal representation you need to get the compensation you deserve.
Personal Injury Cases and Contingency Fees
Personal injury attorneys represent clients who are injured due to the negligence of others. Negligence is a legal term that means acting in such a way that puts others at risk. Common examples:
- Motor vehicle accidents, which are often due to reckless driving behaviors.
- Nursing home negligence, in which staff fails to properly care for patients.
- Premises liability accidents, in which property owner negligence results in slips, falls, or getting struck by objects;
- Product liability accidents, caused by dangerous or defective products.
While you focus on recovering from your injuries in the above and other types of cases, our personal injury attorneys can focus on getting you the compensation you are entitled to through an insurance claim or a personal injury lawsuit. We generally work on a contingency basis, meaning there are no attorney fees unless we are successful in getting compensation for you.
How Contingency Fees Work
After dealing with medical expenses, lost wages, and other costs that result from personal injuries, victims may not have the resources to pay for an attorney upfront. This puts them at a disadvantage when dealing with insurers or other legal representatives involved. Contingency fees help to level the playing field.
In general, a personal injury attorney will review your case and if they determine you have the right to file a claim, they will represent you on a contingency basis. This means that rather than pay a flat fee upfront, they receive a percentage of any settlements or jury awards obtained on your behalf. In the State of New Jersey, these percentages are dictated by law and include:
- For the first $750,000, the contingency fee percentage is 33.3%;
- For the second $750,000, the percentage is reduced to 30%;
- For the third $750,000, the percentage drops to 25%;
- For the fourth $750,000 and subsequent amounts, the contingency fee percentage is 20%.
Discuss Your Case With Our New Jersey Personal Injury Attorneys
Having an experienced personal injury attorney on your side plays a key role in getting the maximum amount you are entitled to in a settlement or lawsuit. Contingency fees help ensure you get the professional legal representation you need. To find out more about contingency fees and the options in your case, call Leonard Legal Group at 973-984-1414 or contact our Morristown personal injury attorney online today.
