Understanding Contingency Fees in Slip and Fall Accident Cases

Colorado laws hold establishment and property owners responsible for keeping their environments safe for persons that enter them legally. Suppose you get in a slip-and-fall accident and suffer an injury. In that case, you have the right to sue the establishment or property owner for damages, which in most cases necessitates working with a lawyer. 

Most personal injury lawyers charge a contingency fee on the settlement figure, which means you may not need to have money when engaging one. This guide delves into this arrangement, so keep reading to learn more. 

Understanding Contingency Fees in Personal Injury

A contingency fee is paid to a service provider after a particular aim is achieved. As used in personal injury claims, it is a legal fee payment arrangement adopted by most personal injury lawyers. 

The lawyer agrees to handle a case on condition that they will recover legal fees after the claimant is compensated. As such, there are no guarantees for payment and no obligations on the claimant if the lawyer doesn't win their case. 

How Much Do You Pay After Compensation?

Unlike other lawyers who charge per hour in a contingency fee arrangement, the lawyer gets a percentage of the settlement value. These percentages are discussed beforehand and can range from 25 percent to 40 percent. The difference in percentages depends on several factors, such as the specific lawyer's rates and the complexity of the claim. 

You may need to consult with several lawyers to compare the costs. However, the percentage of the layers cut should not be the only determining factor. You may need to look at other things like the value of settlements won by the lawyer in similar cases, experience, and reputation. Sometimes, quality can be a little expensive. 

Is Everything Covered in the Contingency Fee?

No. Typically, a contingency fee agreement addresses a lawyer's fees. However, lawyers may pay other case expenses with their money with the hope of getting reimbursed after settlement. These expenses may include filing, expert witness, research, and other court fees. 

So, when discussing the contingency arrangement, it is important to have a lawyer be forthcoming with all costs so that you do not get ambushed with unexpected costs. Other parties, such as doctors, may place a lien on your compensation, and your lawyer may have to make those deductions if they were involved in guaranteeing your treatment. 

Why Is it a Better Option?

A contingency fee arrangement works to your advantage in several ways. First, it is possible to have a lawyer who puts you on par with the opposing side without worrying about legal fees first. 

Secondly, having a lawyer's pay dependent on the outcomes means they will likely put more effort into your case because of the vested interests. 

Other Applications of a Contingency-Based Arrangement 

Contingency fee arrangements in a slip-and-fall claim are not limited to legal fees. You can also use it to access funding from contingency lenders. These lenders allow victims to borrow money with the lender pegging their hopes of recovery at settlement. 

“This funding option can be significantly costlier than other lending options because of the risks involved. However, there are situations where it is the only option for victims going through economic hardships,” says personal injury lawyer Amy Gaiennie of Amy G Injury Firm. 

Hospitals and doctors can also offer medical assistance to accident victims on a contingency basis. However, in both situations, your lawyer's role in offering assurances can significantly affect your ability to access the services.