Ohio attorney Art Elk explains what a contingency fee is and how it affects you in your personal injury accident or medical malpractice case.
After an accident, it’s easy to become overwhelmed by all the decisions you are required to make. You may need to seek medical help, talk to insurance companies, get your car repaired and deal with not being able to work.
One of the last things on your mind may be bringing a lawsuit against the other driver to help compensate you for lost wages, medical bills and other costs from the accident.
Most people think of attorneys as charging very high hourly rates—like the ones shown on television and in movies. However, personal injury attorneys work in an entirely different way. Accident lawyers work on a contingency fee basis. In this type of fee structure, you owe the attorney nothing unless a favorable outcome is reached.
The attorney will pay the upfront costs of your case, including investigation fees, getting your medical records and even hiring experts to testify in your case. They must put
together visual aids for court, set up depositions and cover court costs. As an injured victim, you pay no money upfront in your case.
This helps victims who would not ordinarily be able to afford such services, especially after an accident that may have left them in the hospital and out of work. Once you have won your claim, your attorney gets his costs and fees out the money you’re awarded. This allows you to bring a claim when you’ve been hurt but at no cost to you. If your attorney doesn’t win your case, you don’t have to pay a single dime. Since the attorney only receives compensation if there is an award, it gives your lawyer the incentive to make sure your lawsuit is successful.together visual aids for court, set up depositions and cover court costs. As an injured victim, you pay no money upfront in your case.
To learn more about personal injury law, I encourage you to watch the video above and to explore our educational website at www.elkandelk.com. If you have legal questions, please call us at 1-800-ELK-OHIO. I welcome your call.