This form is a attorney-client contract agreement based upon a contingency fee. The amount of the contingency fee is 50% of any recovery.
New Mexico Attorney Fee Contract - Contingency - 50%
Category:
State:
Multi-State
Control #:
US-PI-0309
Format:
Word;
Rich Text
Instant download
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How to fill out Attorney Fee Contract - Contingency - 50%?
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FAQ
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.
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.
With a contingency fee you do not have to pay anything up front for the legal services provided by your lawyer. Your lawyer's payment is contingent upon you having received some amount of compensation. Your lawyer's payment will be an agreed percentage amount of your settlement.
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.
US OGE. The term ?contingency fee? refers to a type of fee arrangement in a case in which an attorney or firm agrees that the payment of legal fees will be contingent upon the successful outcome of the case.
Contingency fee arrangements base the payment of the lawyer's fees upon the result of the case. If the contingency fee lawyer wins the case for their client, they will receive payment. If they are not successful, the client pays nothing.
In fact, Texas is one of the few states that allows parties to recover attorneys' fees even if the contract itself does not contain an attorneys' fees provision.