A contingent fee is a type of legal fee dependent upon the amount of recovery obtained for the client. The amount of the fee is typically a percentage of the recovery, so the fee is not based upon the amount of time (hourly fee) spent on the case, but rather the value of the result.
The primary benefit of a contingent fee is that the client only pays a legal fee upon successful recovery for the client. The client is not responsible for paying a legal fee at the start of representation (a retainer), during the case (hourly fee) and the legal fee would never exceed the amount of recovery. With a contingent fee, the attorney has substantial incentive to maximize total recovery for the client pursue recovery in a timely fashion. Furthermore, the client’s risk and the attorney’s risk of recovery are aligned. In other words, if the client does not receive a recovery, the attorney does not receive a fee.
If you have been injured due to the negligence of others, contact Wagner Law, LLC to discuss how a contingent fee would allow you to maximize your recovery with legal representation.