Contingency Under Law In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00442BG
Format:
Word;
Rich Text
Instant download
Description
The Contingency Fee Agreement with an Attorney or Law Firm is a legal document utilized in Chicago that outlines the terms under which a client engages an attorney for legal representation, particularly in cases of wrongful termination. Key features include a fee structure based on the outcome of the case, specifying percentages of net recovery depending on whether the claim is settled out of court, through trial, or after an appeal. Clients are also responsible for covering reasonable costs and expenses related to their case, which may be billed periodically. The agreement grants attorneys a lien on any settlement or judgment awarded, ensuring they are compensated for their services. It also allows attorneys to employ expert witnesses and associate counsel at their discretion. The agreement emphasizes that attorneys make no guarantees regarding the success of the claim, and clients must pay the established fees even if they settle without the attorney's consent. For attorneys, partners, owners, associates, paralegals, and legal assistants, this document serves as a foundational contract that clarifies the roles, responsibilities, and financial arrangements involved in pursuing legal claims, thereby enhancing communication and transparency between clients and their legal representatives.
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FAQ
Contingency refers to an event that may or may not occur in the future. In other words, it depends on fulfillment of a condition, which is uncertain or incidental.
A settlement can take anywhere from a few weeks to over five years to close. Straightforward personal injury cases, like a car accident lawsuit from a rear-end collision, are more likely to resolve quickly. A medical malpractice case is more likely to take several years.
The result of a settlement agreement involves the responsible party paying a certain amount to compensate for the damages caused to the victim.
