If you’ve been injured in a Knoxville accident and are thinking about hiring a personal injury attorney, one of your first thoughts is likely, “How much is this going to cost me?” Legal fees can be confusing, and our clients are often worried about having to pay upfront. This is where contingency fees come in – making it possible for you to get legal help without paying anything until you win your case.

A contingency fee is a payment arrangement between you and your Knoxville personal injury attorney. You won’t owe any attorney’s fees if you don’t win or settle your case. At Banks & Jones, we use this structure because it allows anyone to afford legal representation, no matter their financial situation.

This type of fee is popular in personal injury cases because it means the lawyer only gets paid if they secure compensation for their client. The attorney’s payment is a percentage of the amount awarded or settled upon in the case.

Why do Knoxville personal injury attorneys use contingency fees?

Contingency fees are pretty much standard in Knoxville personal injury cases. As we stated earlier, these fees make it easier for injured people to get legal help, even if they don’t have the extra cash to pay a lawyer upfront. When you’re already dealing with medical bills, time lost from work, and other expenses because of your accident, paying a lawyer can seem downright impossible. However, with contingency fees, you can relax and focus on your recovery while your attorney works to win your case.

As you can imagine, Knoxville personal injury attorneys who work on a contingency fee basis are motivated to do their best because their pay depends on the success of your case. This means you and your lawyer have the same goal – to get you the best possible outcome.

How much is a contingency fee?

In most personal injury cases, the contingency fee will vary depending on several factors. If you settle your claim quickly, the attorney might take a lower percentage of the award. In cases that go to trial, the fee will likely increase because the amount of time and work that will go into the case will increase dramatically.

Every law firm has its own approach, so make sure you ask about the specific details during your initial consultation. At Banks & Jones, we can explain our fee breakdown in detail so you’ll know exactly how much compensation you’ll take home if you win.

How do contingency fees work?

Here’s how the contingency fee process works in a Knoxville personal injury case.

First, most personal injury attorneys offer a free initial consultation. During this meeting, you’ll explain the details of your case, and the attorney will let you know if they can take it on. They’ll also explain more about how their contingency fees work and what percentage they’ll take if you win. This is typically around 33% but can be more or less depending on the attorney and the case.

If you decide to work with the attorney, you’ll sign a contingency fee agreement. This document lays out the terms of the agreement, including the percentage your attorney will take from the settlement or award. Make sure you thoroughly understand this agreement so there aren’t any surprises down the road.

Once you sign the agreement, your attorney will start working on your case (without requiring any upfront payment). They’ll investigate the circumstances of your accident, gather evidence, and work with experts to build a strong case on your behalf.

Your case may be resolved before going to trial if your attorney can negotiate a fair settlement. However, if a fair settlement can’t be reached, your attorney might recommend taking your case to court. Either way, the attorneys at Banks & Jones work to secure the highest possible compensation for you.

After you win or settle your case, the attorney fee is deducted from the amount of your award. The percentage is based on what you agreed to earlier.

Additional costs

If you lose the case, you won’t owe your attorney any fees. However, you might still be responsible for certain expenses. Some attorneys will cover these costs upfront and only seek reimbursement if you win. Make sure you understand what your agreement with your attorney entails. These are usually case costs and litigation expenses and can include:

• Court filing fees
• Expert witness fees
• Medical record fees
• Investigation costs

In most cases, your attorney will cover these costs upfront and then deduct them from your final settlement or award. Make sure you ask your attorney whether they cover these costs and what other expenses might come up during the legal process.

What are the advantages of contingency fees?

A contingency fee structure provides some clear benefits to clients like you, including:

• No upfront fees. You don’t have to worry about paying anything until your case is won or settled, taking financial pressure off during a difficult time.
• Accessible legal representation. If you don’t have the resources to pay by the hour, contingency fees allow you access to skilled legal representation.
• Motivation to win. Since your attorney’s payment is tied to the success of your case, your attorney will work hard to achieve the best possible outcome.
• Contingency fee arrangements are clear-cut, meaning you’ll know right from the beginning what percentage will be deducted if you win. This way, there aren’t any unpleasant surprises.

Are there disadvantages to contingency fees?

Contingency fees do have many advantages, but there are a few drawbacks you should be aware of:

• Percentage deduction. A percentage of your settlement or award will go to your attorney, meaning you won’t receive the full amount of compensation. However, this is often worth the expense as your attorney will be working toward a higher total amount.
• Case costs. Certain costs related to your case, like filing fees or expert witnesses, could be deducted from your award, which will reduce your final payout.
• Cases with a strong chance of success. Attorneys typically only take cases on contingency if they believe you have a good chance of winning. If your case isn’t strong enough, the lawyer may not agree to take it on contingency, which means you might have to explore other options.

Questions to ask before signing a contingency fee agreement

To avoid surprise fees, ask these questions when discussing a contingency fee agreement with your Knoxville personal injury attorney:

• What percentage will you charge if the case settles? What about if it goes to trial?
• Will I owe any fees if we lose my case?
• Are there additional costs of which I should be aware? Who will cover those?
• How do you handle case costs, like filing fees or expert witness expenses?

Once you understand how a contingency fee arrangement works, it’s easier to decide whether to pursue your case. This arrangement lets you focus on recovering from your injuries while your attorney fights for your right to compensation. And you can have peace of mind knowing you won’t have to pay upfront.

Have you been injured in a Knoxville accident and need legal representation? Don’t let the fear of upfront costs hold you back. Talk to the experienced personal injury attorneys at Banks & Jones and explore your options with contingency fee arrangements. Contact us today for a free consultation, and take the first step toward getting the justice and recovery you deserve.