Kentucky Contract to Employ Attorney on a Contingent Fee Basis with Retainer
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How to fill out Contract To Employ Attorney On A Contingent Fee Basis With Retainer?
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FAQ
That is, generally in a contingency fee agreement, the lawyer only receives compensation if the lawyer has successfully represented the client. Further, the amount the lawyer receives is contingent upon the result the lawyer obtains and often on the phase of litigation in which the dispute settles.
If you work for someone on a contingency basis, you agree that you will only be paid if you achieve a particular aim, for example, getting a successful result in a court of law: In personal injury cases many attorneys work on a contingency basis, so you will not have to pay them a fee up front.
That said, the most common lawyer contingency fee average ends up being 33%, or ? of the total earnings of a case, but can go up to 40% (in some jurisdictions) as the complexity and risk involved in taking the case increases.
Nothing is guaranteed. When a lawyer is paid on a contingency basis, he shares that risk with you. He doesn't get paid unless you do. In addition, he gets paid more if you get paid more. This gives him more incentive to work harder and achieve a favorable outcome for your case.
A contingent fee agreement is a legal agreement that allows you to hire a lawyer for your case without having to pay any out-of-pocket upfront fees unlike a retainer fee. The lawyer getting payment is contingent on you winning your case. If you do not win your case, you don't have to pay your contingency lawyer.
Contingency fees mean you will pay the lawyer a certain percentage of the money you receive if you win the case or settle the matter out of court. If you lose your case, the lawyer does not receive any payment from you.
It's also a plus because in many cases, the plaintiff can't afford a lawyer unless the case is won. This also provides an incentive to the attorney to do the best work that they can, otherwise they miss out on payment.
Lawyers can charge a contingency fee in any matter except for family law, Criminal Code (Canada), or any other criminal or quasi-criminal matters.
