Contingency Fee In Law Definition In Middlesex
Category:
State:
Multi-State
County:
Middlesex
Control #:
US-00442BG
Format:
Word;
Rich Text
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Description
The Contingency Fee Agreement with an Attorney or Law Firm outlines the terms under which a client engages an attorney for services related to pursuing a wrongful termination claim. It defines a contingency fee as a percentage of the net recovery, varying based on whether the case settles, goes to trial, or requires an appeal. The agreement specifies that the client is responsible for reasonable costs incurred by the attorneys, which may be advanced and repaid on a set schedule. It emphasizes the attorneys' lien on any recovery, ensuring their fees are secured. The document also grants attorneys the authority to hire expert witnesses and associate counsel as needed. Additionally, it clarifies conditions under which attorneys can withdraw from representation and how fees are calculated if the client settles independently. This agreement does not guarantee a favorable outcome and requires written modification for changes. Such a form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in establishing clear terms of engagement and understanding their rights and responsibilities regarding fees and recovery in Middlesex.
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FAQ
Contingent means that an event may or may not occur in the future, depending on the fulfillment of some condition that is uncertain. This term is often used in contracts where the event will not take effect until the specified condition occurs.
The average contingency rate falls between 20-40%, with most lawyers charging around 33% to 35% of the total amount recovered in a case. The exact percentage can vary depending on the complexity of the case, the lawyer's experience, and the stage at which the case is resolved.
