Being involved in a car accident is not something that many people are financially prepared to deal with on their own. This is precisely why the law requires individuals to carry auto insurance. Unfortunately, while this insurance can help to cover the cost of property damage and medical bills, it will not offer any coverage for the legal costs that come along with hiring a car accident attorney to help you recover all of the compensation that you are entitled to. This is why so many people find themselves questioning whether or not they can even afford to seek out legal counsel in regards to their car accident claim. If you have found yourself asking this same question, the answer is yes you can thanks to what is known as a contingency fee.
What Is A Contingency Fee?
A contingency fee is a fee charged by car accident attorneys in lieu of a traditional retainer or hourly fee for their services.
How Does A Contingency Fee Work?
A contingency fee works by allowing you to retain the legal services you need without spending any money upfront. Instead, you will be required to sign what is known as a contingency agreement. This agreement entitles your attorney to a certain percentage of any money they collect on your behalf as part of your car accident claim. Not only does this type of fee structure allow you to get the legal representation you require even if you don't have the financial resources to hire an attorney upfront, but it also provides your attorney with a strong motivation to ensure they recover all of the compensation that you are entitled to for your claim since their fee will be directly impacted by the amount they are able to collect.
What If You Lose Your Case?
There is no risk of finding yourself with large legal bills that you cannot pay in the event that you are unable to recover damages as part of your personal injury claim. This is because as the name suggests, a contingency fee is contingent upon the outcome of your case. If your attorney is unsuccessful at getting you compensated for your injuries, you will not be liable for any legal fees. This is yet another reason that car accident attorneys are so motivated to really take a hardline approach when dealing with insurance companies to get the compensation that their client's are entitled to.
Contact a local car accident attorney to learn more.