Contingency Fee In Law Definition In Clark

• Category: Attorneys - Fee Agreements
• State: Multi-State
• County: Clark
• 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 legal counsel on a contingent fee basis. In this agreement, the contingency fee is defined as a percentage of the net recovery from the client's claim, which varies depending on whether the matter is settled out of court, resolved at trial, or involved an appeal. The document specifies that the client is responsible for certain costs and expenses incurred by the attorneys, which are payable on a scheduled basis. It also grants attorneys a lien on any recovery obtained, ensuring they are compensated for their fees before the client receives funds. The agreement allows attorneys to employ experts and associate counsel at their discretion. It emphasizes that attorneys cannot guarantee a favorable outcome for the client and ensures the client must pay attorneys' fees if they settle the claim without consent. This document serves as a vital tool for attorneys, partners, owners, associates, paralegals, and legal assistants as it clarifies payment structures, responsibilities, and legal obligations, thereby facilitating transparent communication between clients and their legal representatives.