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Contingency Fee Agreement with an Attorney or Law Firm

Contingency Fee In Law Definition In Utah

Category:

Attorneys - Fee Agreements

State:

Multi-State

Control #:

US-00442BG

Format:

Instant download

Description

The Contingency Fee Agreement with an Attorney or Law Firm is a legal document in Utah that outlines the terms between a client and an attorney regarding payment of legal fees. It defines a contingency fee as a percentage of the net recovery awarded to the client, which varies depending on whether the case is settled out of court, resolved in trial, or appealed. Key features include provisions for costs and expenses that the client must cover, the employment of experts, and details on attorney's liens. Filling this agreement involves clear identification of both parties, description of the claim, and percentages of fees based on the outcome. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a structured approach to billing clients based on case results. It accommodates various legal scenarios, protects the interests of both the client and the attorneys, and ensures that obligations are clear and enforceable. The document also details processes for withdrawal and client-initiated settlements, making it versatile for various legal practices.

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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 problem of recovering litigation costs drives many of the claims for imaginative damages. Contingent fees create an undue emphasis on the extent of the plaintiff's damages, and they encourage the filing and prosecution of cases with large damages but little negligence.

(a) Contract contingent charges, i.e. those for which a lump sum is allotted annually by Government within which the Government servant may incur expenditure as required without further sanction of any kind. They generally consist of charges the annual incidence of which can be averaged with reasonable accuracy.

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.