Contingency Fee In Law In Chicago

• Category: Attorneys - Fee Agreements
• State: Multi-State
• City: Chicago
• Control #: US-00442BG
• Format: Word; Rich Text

Description

The Contingency Fee Agreement with an Attorney or Law Firm outlines the terms under which a client retains an attorney to handle a legal claim, specifically focusing on wrongful termination cases. In Chicago, a contingency fee means that the attorney will receive a percentage of the recovery only if the client wins the case, making it accessible for clients who may not afford upfront legal fees. Key features include stipulations about attorney's fees based on the outcome—lower fees for settlements and increased fees for trials or appeals—and provisions for advancing costs that the client must later reimburse. Filling out this agreement involves specifying the fee percentages, recovery details, and payment terms for costs incurred during the legal process. This form is particularly useful for attorneys, partners, and legal assistants as it standardizes fee structures and clarifies financial responsibilities to clients. It also emphasizes the attorney’s right to a lien on any recovery, ensuring they are compensated for their services even if the client discharges them prematurely. Overall, this form serves to protect both the client and the attorney while formalizing the financial aspects of legal representation.