When tragedy strikes, and you are left dealing with the aftermath of a personal injury, the last thing you want to worry about is how to afford legal representation. That is where contingency fees come into play, a common payment arrangement in personal injury cases, offering a stress-free path to legal recourse. Here is how Foster Wallace, LLC approaches contingency fees in personal injury cases.
What Are Contingency Fees?
A contingency fee is a payment to an attorney that is only owed if the attorney successfully recovers money on your behalf. This means that if you do not win your case or secure a settlement, you do not owe your attorney for their services. At Foster Wallace, LLC, we believe this aligns our interests with yours, as we are incentivized to achieve the best possible outcome for your case.
The Percentage Model
In most personal injury cases, the attorney’s fee is a percentage of the settlement or judgment awarded. This percentage is agreed upon when you hire your attorney. At Foster Wallace, LLC, we transparently discuss this percentage with you upfront, ensuring there are no surprises later on.
Advantages of Contingency Fees
- No Upfront Costs: This arrangement allows you to hire skilled legal representation without paying upfront. This is particularly important for those who may not have the means to pay an attorney hourly during a difficult time.
- We cover all expenses and will only repay those expenses if we win your case.
- Risk Management: Since the lawyer only gets paid if you win, they are likely to take cases they believe have a strong chance of success.
The Mutual Commitment of Contingency Fees
Continuing from where we left off, contingency fees represent a mutual commitment. The attorney is invested in your case because their compensation is tied to the success of your claim. This arrangement motivates your attorney to work diligently on your behalf.
How Contingency Fees are Determined
At Foster Wallace, LLC, the contingency fee is a fixed percentage, typically ranging from 33% to 40% of the recovery amount. This percentage may vary depending on the complexity of the case and the stage at which the case is resolved. We ensure our clients understand the fee structure from the outset, providing clarity and transparency throughout the legal process.
What Costs Are Covered?
In addition to attorney fees, personal injury cases often involve various costs, such as:
- Filing fees
- Costs to obtain medical records and reports
- Expert witness fees
- Court reporter and transcript costs
At Foster Wallace, LLC, these costs are usually advanced by the firm and then reimbursed from the settlement or award. We keep a detailed account of expenses, which will be shared with you upon the conclusion of your case.
The Settlement Process
Upon obtaining a settlement or award, Foster Wallace, LLC will provide you with a detailed settlement statement. This statement will outline the recovery amount, the attorney’s fees, the costs advanced by the firm, what needs to be paid back to health insurance companies, the government, or lienholders, and the final amount due to you.
Why Choose Foster Wallace, LLC for Your Personal Injury Case?
Choosing Foster Wallace, LLC means selecting a partner who will stand with you every step of the way. Our no-recovery, no-fee promise ensures that our goals are directly aligned with yours. We fight to get you the compensation you deserve while providing the support and guidance you need during a challenging time.
