Contingency fee
the fee paid to an attorney based on a percentage of the sum the client is awarded or settles for in a lawsuit
A contingency fee is a type of fee arrangement that is common in legal contexts, especially in personal injury cases. In a contingency fee arrangement, the lawyer only gets paid if they are successful in obtaining a financial settlement or judgment for their client. The fee is typically a percentage of the final settlement or judgment, which is agreed upon by the lawyer and the client in advance.
The advantage of a contingency fee arrangement is that it allows people who might not be able to afford legal representation to have access to the justice system. Because the lawyer only gets paid if they win, they are incentivized to work hard to build a strong case and obtain the best possible outcome for their client. This can be especially helpful in cases where the damages sought are high but an individual cannot afford to pay for legal fees out-of-pocket.
It is important to note that contingency fees are not allowed in all types of legal cases, and the percentage of the fee that a lawyer can collect may be limited by law or by ethical rules. Additionally, some lawyers may choose not to work on a contingency fee basis as they do not want their compensation to be affected solely by the outcome of the case.
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