A contingency fee is a percentage of recovery that the attorney takes for attorney's fees when helping out a client. People are most familiar with contingency fees in personal injury cases. At Agruss Law Firm, we have a one-third contingency fee in our personal injury cases. What that means is we get paid one-third of any settlement or verdict we get for a client.
What's important about contingency fees that people should pay particular attention to is oftentimes lawyers will have a shifting contingency fee, meaning they will handle a case for one-third, if the case settles without a lawsuit. If a lawsuit is filed, they will increase their contingency fee to 40%. If the case goes to trial, they will increase it more to 50%.
At my law firm, our contingency fee is always one-third. It stays the same no matter when we settle your case or if we go to trial and get a verdict.
I would recommend that anyone who's hiring a personal injury attorney, take a look at the contingency fee, make sure it stays the same, and that it doesn't change throughout the process.