This form is a attorney-client contract agreement based upon a contingency fee. The amount of the contingency fee is 50% of any recovery.
North Carolina Attorney Fee Contract - Contingency - 50%
Category:
State:
Multi-State
Control #:
US-PI-0309
Format:
Word;
Rich Text
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FAQ
(b) In no event shall the aggregate contingency fee exceed fifty million dollars ($50,000,000), exclusive of reasonable costs and expenses, and irrespective of the number of lawsuits filed or the number of private attorneys retained to achieve the recovery.
A contingent fee is a form of compensation that is only paid when a specific objective has been achieved. For example, a contingent fee arrangement could pay an accountant $50,000 when the business plan he constructs is used in the successful sale of securities by a client.
Contingent fees are unfair because plaintiffs are not allowed to recover the cost of the fee from the defendant--that is, add the fee to the judgment awarded. Plaintiffs must prove the economic worth of their injuries.
A typical contingency fee percentage is anywhere from 30 to 40% of your recovery. Your contingency fee agreement will set out the exact percentage. These percentages are often staggered so that your lawyer will get a higher percentage if the case goes to trial ? which requires more time and work for their law firm.
Instead, we receive a percentage of any settlement or court award as our legal fee. If our attorneys win on your behalf, our maximum fee is 33 1/3% of the total money obtained through a settlement or court award. Many lawyers charge 40% and sometimes up to 50% of the total amount recovered.
In a contingent fee arrangement, the lawyer agrees to accept a fixed percentage (often one-third to 40 percent) of the recovery, which is the amount finally paid to the client. If you win the case, the lawyer's fee comes out of the money awarded to you.