If you’ve recently been injured and are looking to hire a personal injury attorney you’ve likely come across the term “no recovery, no fee”. Recovery is the monetary settlement awarded to a personal injury victim, in other words the amount of money that a lawyer secures for the client with respect to the claim or injury sustained.
When an attorney advertises “no recovery, no fee” it implies that unless there is a monetary settlement, there will be no legal fee owed. Of course the best advise is to review any fee agreement thoroughly before signing.
With this type of agreement (contingency fee) there is risk for both parties involved. For an attorney who is not charging an hourly legal fee, there is the risk that despite all their work and best efforts they may not get paid. The attorney will also have to front all the bills related to the case, and won’t get paid until the case has been completed. In some cases it can take years to obtain a settlement, which means the attorney will not obtain payment until then.
There is also risk for the client. Under the contingent fee, the client may pay more than would be paid if the attorney was hired on an hourly basis. Of course the upside of the contingent fee is that the client is not responsible for any legal fees unless there is a monetary recovery. It might be very difficult for a personal injury victim, already faced with an exuberant number of bills, to pay legal fees before money is recovered from the negligent party. It is easy to understand why a contingent fee is an attractive fee agreement for the majority of personal injury victims.
Of course, risks should be thoroughly analyzed. The attorney must evaluate the facts and determine based on his experience and expertise if the client truly has a case and whether or not fees can be recovered. It is possible that some cases may not be worth the risk.
At Graham Legal, P.A. our policy of “no recovery, no fee” helps the injured party to pursue a claim against the negligent party without the financial risk. We understand that as a victim of personal injury funds are likely scarce and that should never be a reason to avoid seeking just compensation. Once we take on your case, all fees necessary to resolve the case will be paid by us. We will handle the cost of all investigators, medical records, expert witnesses, etc. If you have additional questions we would be happy to schedule a free consultation with one of our attorneys.