Contingency Fees in Tampa Personal Injury Cases

October 4, 2024 | Winters & Yonker Personal Injury Lawyers | Personal Injury

When you’re injured due to someone else’s negligence, the financial strain can be overwhelming. From medical bills to lost wages, the last thing you want is to worry about paying for legal representation upfront. That’s where contingency fees come in. But what are they and how do they work? In this blog, we’ll break down the essentials of contingency fees, why they benefit injured parties and what to look out for in fee agreements.

What Is a Contingency Fee?

A contingency fee is an arrangement between a client and an attorney where the attorney only gets paid if they win the case. Instead of charging the client upfront or billing by the hour, the lawyer’s fee is contingent, dependent on the outcome of the case. Typically, the attorney receives a percentage of the settlement or court award.

Why Are Contingency Fees Common in Personal Injury Cases?

Personal injury cases can take months or even years to resolve. Medical bills, rehabilitation costs, and the inability to work can add up, leaving victims in a precarious financial situation. Having to pay an attorney upfront or on an hourly basis would make legal representation inaccessible to many.

Contingency fee arrangements make it easier for anyone to seek justice, regardless of their financial status. They level the playing field by giving everyone access to experienced attorneys who can fight for their rights.

How Are Contingency Fees Calculated?

The percentage that an attorney charges in a contingency fee arrangement can vary but range between 25% and 40% of the final settlement or judgment. The exact amount can depend on several factors, including:

The complexity of the case
The amount of work involved
The attorney’s experience and reputation
Whether the case settles or goes to trial

It’s important to note that the contingency fee is usually calculated after expenses related to the case, such as court filing fees, expert witness costs, and other litigation expenses, are deducted from the settlement or award.

Typical Fee Percentages

Pre-settlement: If the case is settled before a lawsuit is filed, the attorney’s fee may be on the lower end of the spectrum, closer to 25-30%.
Post-settlement or Trial: If the case goes to court, the fee may be closer to 40%, depending on the complexity and the amount of work required.

Costs That May Be Deducted from Your Settlement

While contingency fees eliminate the need for upfront payment, it’s important to understand that other costs related to the case might be deducted from your settlement. These can include:

Court filing fees
Fees for expert witnesses
Costs for obtaining medical records
Investigation costs
Deposition fees

Always ask your attorney to explain the fee structure and any additional expenses that might be deducted from your settlement. Some attorneys will advance these costs on your behalf, but they’ll be reimbursed from the final settlement or award.

Why Is a Clear Fee Arrangement Important?

Before you sign anything, make sure you have a clear, written agreement with your attorney that outlines the contingency fee arrangement and any other costs that might apply. This contract should detail:

The attorney’s percentage fee
How case expenses will be handled
What happens in the event of a settlement or trial
Whether the fee increases if the case goes to trial
What happens if the case is lost

A transparent fee agreement protects both you and your attorney and ensures there are no surprises when it comes time to settle the case.

What Happens If You Lose Your Case?

One of the most significant benefits of contingency fees is that you won’t owe any attorney’s fees if your case is unsuccessful. However, you might still be responsible for certain court costs or expenses related to the case, depending on your agreement. Make sure to clarify this with your lawyer upfront to avoid any unexpected financial obligations.

What Factors Should I Consider When Choosing an Attorney?

When hiring a personal injury lawyer on a contingency basis, it’s essential to consider more than just the fee percentage. You should consider several factors when choosing a lawyer, including their experience, track record, communication skills, and their reputation.

These factors can be just as important as the contingency fee itself when it comes to choosing the right attorney for your case.

What Are the Pros and Cons of Contingency Fees?

Like any fee structure, contingency fees come with their own set of advantages and potential drawbacks. Here’s a quick look at both sides.

Pros

No upfront costs for the client
Risk shared between attorney and client
Access to experienced lawyers regardless of financial status
Motivated attorneys, as their pay depends on winning

Cons

Owed expenses even if the case is lost
Higher fees if the case goes to trial

In some cases, contingency fees can be negotiable, especially if the case is straightforward or if you’re working with an attorney who is confident in a quick resolution. While most lawyers have standard percentages they work with, it doesn’t hurt to ask if there’s flexibility, particularly if your case has a high potential payout.

Contact a Tampa Personal Injury Lawyer from Winters & Yonker Personal Injury Lawyers for Help Today

For more information, please contact Winters & Yonker Personal Injury Lawyers to schedule a free consultation with a personal injury lawyer in Tampa today. We have five convenient locations in Florida, including Tampa, Clearwater, St. Petersburg, New Port Richey, and Lakeland.

We proudly serve Hillsborough County, Pinellas County, Pasco County, Polk County, and its surrounding areas:

Winters & Yonker Personal Injury Lawyers – Tampa Office
601 W Swann Ave, Tampa, FL 33606
(813) 223-6200

Winters & Yonker Personal Injury Lawyers – Clearwater Office
600 Bypass Dr Suite 224-D, Clearwater, FL 33764
(727) 493-4418

Winters & Yonker Personal Injury Lawyers – St. Petersburg Office
111 2nd Ave NE Suite 350, St. Petersburg, FL 33701
(727) 314-5988

Winters & Yonker Personal Injury Lawyers – New Port Richey Office
5006 Trouble Creek Rd Unit #200, Port Richey, FL 34652
(727) 910-5060

Winters & Yonker Personal Injury Lawyers – Lakeland Office
1543 Lakeland Hills Blvd Suite 18, Lakeland, FL 33805
(863) 251-6196