What is a Contingency Fee and How Does It Affect Your Truck Accident Case?

If you’ve been involved in a truck accident, you may be considering hiring a lawyer to help you navigate the legal process and seek compensation for your injuries. One important aspect to understand when working with a lawyer is the concept of a contingency fee, which is used by the vast majority of personal injury attorneys.

Wondering how the team at Bailey Javins & Carter could help you as you seek compensation? Let’s talk. Call us at 678-981-5370 to set up a consultation with our Atlanta team.

Contingency Fees: A Basic Overview

Contingency fees are a financial arrangement tailored to personal injury cases, although this fee structure is also used in other areas of law. This payment structure is designed so that legal representation is accessible without upfront costs. Specifically, a lawyer operating on a contingency fee basis will receive payment only upon successfully recovering compensation for their client. 

This model aligns the lawyer’s financial interest with the outcome of your case, ensuring they are motivated to get the best possible result. The fee is typically a predetermined percentage of the compensation awarded, letting both parties know exactly what to expect at the end.

How Contingency Fees Work in Truck Accident Cases

In truck accident litigation, the contingency fee model provides a financially accessible way for victims to seek legal counsel. This payment framework ensures that your attorney is compensated only upon the successful resolution of your case, either through a settlement or a court verdict in your favor. Typically, this fee constitutes a percentage of the total compensation awarded, generally ranging from 33% to 40%. 

This arrangement incentivizes attorneys to dedicate their efforts and resources to your case. Given the potentially high costs of pursuing truck accident claims, the contingency fee model offers a realistic solution for victims who otherwise may pass on seeking legal counsel. Legal representation shouldn’t only be accessible to those who already have means, and contingency fees level the playing field a bit.

The Benefits of Choosing a Contingency Fee Arrangement

Opting for a contingency fee arrangement presents a significant advantage for individuals facing massive losses due to a truck accident since they do not have to pay anything upfront. This approach equalizes access to personal injury legal representation, which is particularly important in truck accident claims. Trucking companies have enormous legal budgets, due to the fact that a single truck accident can cause millions of dollars in damage. If people had to go up against them without legal representation, it would essentially be impossible to ever hold a trucking company accountable.

The core appeal lies in the alignment of interests between attorney and client. Your attorney’s compensation is tied to the successful resolution of your case. This fosters a collaborative partnership aimed at securing the maximum possible compensation.

On top of that, the contingency fee model mitigates the financial risks associated with pursuing legal action. Knowing that your attorney shares the risk of the case outcome can provide peace of mind during a tumultuous period.

Potential Downsides to Consider

While the contingency fee model offers numerous benefits, it’s crucial to be aware of its potential drawbacks. Notably, should your case not result in a financial award, you might still incur costs unrelated to attorney fees, such as expenses for obtaining medical records, expert testimony, and court filing fees. These costs can accumulate, and each attorney handles them differently should a case be unsuccessful.

Furthermore, since contingency fees are a percentage of your compensation, the amount you ultimately receive will be less than the total award. The percentage agreed upon with your attorney, typically between 33% and 40%, directly affects your portion of the settlement or verdict. However, this is a tradeoff; without legal representation, there’s a good chance that the compensation a layperson would be able to secure would be substantially less than what they could get with representation, even after you consider the fees.

Get the Legal Representation You Deserve

If you have suffered injuries in a trucking accident, it’s time to reach out to the team at Bailey Javins & Carter to learn more about your next steps. Don’t let an accident destroy your financial well-being and peace of mind. Contact us online or call us at 678-981-5370 to get started.