Contingency Fee In Law Definition In Wake

• Category: Attorneys - Fee Agreements
• State: Multi-State
• County: Wake
• 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 engages attorneys to represent them in a legal claim, specifically for wrongful termination. This agreement establishes that attorneys will receive a percentage of any net recovery from the claim, with different percentages applicable depending on whether the matter is settled before trial or proceeds to court. The document also addresses costs and other expenses that the client may need to cover, including expert witness fees and travel expenses incurred by attorneys. Importantly, it grants the attorneys a lien on any recovery, ensuring their fees are secured from the settlement amount. Attorneys also have the discretion to hire associate counsel or expert witnesses, with costs borne by the client. The agreement has specific clauses regarding termination of representation, highlighting that attorneys retain rights to fees even if the client changes representation before settlement. Finally, it specifies that attorneys make no guarantees about the outcome of the case. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants to ensure clarity on fees, responsibilities, and the legal obligations of both parties, facilitating effective communication and understanding with clients.