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How Contingency Fees Work

Oct 27, 2014 | Firm News

After an accident, many people are reluctant to contact an attorney because they assume they can’t afford it. Frequently, they are dealing with time off work and a growing stack of medical bills in addition to their physical pain and mental stress. For most, the idea of spending hundreds of dollars an hour on an attorney is just another source of anxiety and frustration.

Fortunately, there is a way to obtain the legal representation you need without incurring any out-of-pocket expenses. At Anesi, Ozmon, Rodin, Novak & Kohen, we represent most of our clients on a contingency fee (also known as a “contingent fee”) basis. This means there is no initial retainer fee or any upfront cost. You pay nothing unless we recover compensation on your behalf. We also offer prospective clients a free consultation to talk about their case with an attorney.

The Benefits of a Contingent Fee Agreement

In a contingency fee agreement, the attorney receives a fee “contingent” on the client receiving a settlement or an award of damages. Unless this contingency is met, the attorney does not receive a fee. Many contingent fee agreements also provide that the attorney will advance the costs of litigation, which are repaid out of any settlement or court award. The fee charged is a percentage of the client’s total award or settlement, and the law requires this percentage to be reasonable. Important ethics rules prohibit attorneys from charging over a certain percentage.

Contingency fee agreements work well for both clients and lawyers for several reasons. Most notably, they allow clients to obtain legal representation when they otherwise might not be able to afford it.

Contingent fee agreements also unite the interests of both the client and the attorney. The attorney has no motive to spend unnecessary hours running up the client’s bill, prolonging the discovery process, or consulting with costly experts. Instead, it is in both the attorney’s and the client’s best interests to resolve the case in the most efficient, cost-effective way possible. Furthermore, attorneys who work on a contingency fee basis are far less inclined to take on a case that lacks merit. Instead, they accept cases they really believe in – cases in which the client has a solid claim and deserves compensation.

Personal Injury Lawyers Serving Chicago, Joliet, Wheaton, and Peoria

Anesi, Ozmon, Rodin, Novak & Kohen, Ltd. is a premier personal injury law firm that has served Chicago and the surrounding communities for more than 55 years. Call today at (312) 372-3822 or toll-free at (800) 458-3822 to speak to an attorney about your case.

This website has been prepared by Anesi, Ozmon, Rodin, Novak & Kohen, Ltd. for informational purposes only and does not, and is not intended to, constitute legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice from an attorney licensed in your jurisdiction.

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