Why Contingency Fees Are a Good Thing
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At Ted Morgan Law, we offer our personal injury services on a contingency fee basis. What does this mean? A contingent fee means the attorney agrees to be paid out of the proceeds of the client’s claim. In other words, the attorney takes a percentage of the proceeds to compensate him or her for the time invested in the case. Contingency fees are offered in lieu of normal hourly fees, which are due each month or quarter and require the client to shoulder the risks—alone—with no guarantee any fees will be recouped.
Contingency fees provide the key to America’s courtrooms for thousands of people who otherwise could not afford to pay a lawyer upfront, if at all. If it were not for contingency fees, indigent victims of wrongful accidents and wrongful conduct would be subject to the unbridled, self-serving conduct of the at-fault party and meager settlement sums for large losses, simply so the victim could “keep the candle burning” for himself and his dependents.
Another benefit of a contingency fee is that it aligns the interests of the lawyer and the client. The lawyer gains only to the extent that his client gains and, if the client loses, the lawyer loses. It is classic “risk-reward” founded in capitalism—the same capitalism enjoyed by so-called “tort-reformers,” e.g. The Common Good, who seek to eliminate this sort of risk-sharing arrangement by lobbying your legislators and Supreme Courts.
Lastly, contingency fees allow the attorney the discretion to adjust the fees to “fit the outcome.” Hourly fees are paid as the case progresses (and has anyone ever received a refund from an hourly lawyer?).
Our firm takes a fair and innovative approach to the contingent fee. We offer reduced contingency fees when the facts of the case (after initial investigation) tells us our total time, in our best estimate, will be significantly less than the amount of time typically assumed in the normal contingent fee percentage. We always re-examine our contingent fee at the conclusion of the case to make sure it is reasonable and fair to our client. In sum, we want you to walk away satisfied.
For more information on the benefits of contingency fees, see, “Why The Billable Hour Must Die,” “Articles and Opinions.” Also, see, “Blame it on the Bee Gees,” TRIAL, July 2007, Vol. 43, No.7. A similar attack was adopted by the Florida Medical Association, which successfully proposed a cap on contingency fees to discourage trial attorneys from being able to take cases which are otherwise financially feasible.
Were you injured due to the negligent or wrongful actions of another party? Contact Ted Morgan Law at (706) 622-6255 for a free phone consultation with an experienced Columbus, GA personal injury lawyer.
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