If you`re looking for a personal injury lawyer to represent you in your case, you`ve probably found that most lawyers who work in this jurisdiction use contingency fees as a method of payment. A contingency fee agreement is a very common payment method for personal injury lawyers. In a contingency fee agreement, a lawyer agrees to represent a client in exchange for a percentage of the refund received from the client. As a rule, this means that the customer does not pay anything in advance. The lawyer reimburses all fees and expenses and only charges compensation for the work done by the lawyer if the client wins his case. Contingency fees refer to situations where a lawyer agrees to waive initial or hourly fees in exchange for a percentage of a final compensation received for the client. Contingency fee agreements must always be in writing and signed by the client. The contingency fee agreement must specify the exact percentage that the lawyer receives, as well as whether legal fees and expenses are deducted before or after the contingency fee is calculated. In addition, the contingency fee agreement must inform the client of all expenses for which the client is responsible, whether the client is the predominant party in a matter or not.
Rule 1.5 (c): Costs may depend on the outcome of the matter for which the service is provided, except in a case where a success fee is prohibited under paragraph (d) or any other Act. A contingency fee agreement must be signed in writing by the client and indicate the method by which the fees are to be determined, including the percentage(s) to which the lawyer is entitled in the event of settlement, negotiation or redress; litigation and other costs to be deducted from recovery; and whether these expenses are to be deducted before or after the calculation of the contingency fees. The agreement must clearly inform the customer of all expenses for which the customer is responsible, whether the customer is the predominant party or not. At the end of a contingency fee case, the lawyer will provide the client with a written statement indicating the outcome of the case and, if a recovery is made, setting out the referral to the client and the method of its decision. Contingency fee arrangements have advantages and disadvantages. The client is able to recruit a talented and experienced lawyer to handle his case. Without this agreement, the customer would be responsible for paying all fees and costs in advance or during the course of the deal. This would severely limit the ability of those who do not have the essential means to seek compensation for their injuries. The contingency fee agreement was developed to give everyone equal access to the justice system. In exchange for a percentage of recovery, a lawyer can represent a client who does not know whether or not he will win the case.
This is a risk on the part of the lawyer, because if the case fails for some reason, he gets nothing for the work he has done. A clear fee agreement can be crucial to minimize disputes with clients and reduce the risk of medical malpractice or problems with the lawyer. If you have any questions about your firm`s fee arrangements, please do not hesitate to contact J.W. Stafford, L.L.C. Contact us at 410-514-6099 to schedule a confidential consultation with our team today. In any personal injury case in Maryland, the aggrieved person seeks, desires and is entitled to financial compensation for his or her injuries from a guilty party. Maryland`s personal injury lawyers represent those who have suffered this misfortune – and successfully represent them. Lawyers, of course, want to be paid for their work, to bring their knowledge, education and experience to every topic. It may go without saying, but law firms that do not generate commercial revenue do not stay in business. So, in a real sense, it`s more than the lawyer`s desire to be “paid” – it`s more of a business necessity for that lawyer to generate income to keep their practice running. To generate this additional income, a lawyer must obtain additional compensation for his client.
The higher the arbitral award or settlement, the more revenue the law firm receives and, conversely, the lower the judgment, judgment or settlement, the less revenue a lawyer generates. In my view, it is this unique match between the injured parties` need for and desire for compensation and the financial and business interests of the lawyer of their choice that makes the personal injury success fee agreement ideal to serve the interests of the injured party. Each state allows contingency fee agreements in the event of bodily injury. In Maryland, contingency fee agreements are permitted under Rule 1.5(c) of the Maryland Attorney`s Rules of Professional Conduct. The rule says: Other benefits may not be as obvious. In a contingency fee agreement, the interests of the client and the lawyer are unique and – yes completely – coordinated. .