No win no fee.
If you’re looking to hire a lawyer, you have probably come across this statement. Just what does it mean? Does it mean you don’t pay anything at all until after your lawyer wins the case? What if the case is lost? Won’t the lawyer have wasted their precious time?
It’s understandable that such questions are ringing through your mind. It can be difficult to navigate the world of lawyers, especially if it’s your first time.
In this article, our goal is to help you develop a better understanding of no win no fee lawyers. You’ll know exactly what you’re getting out of such a payment agreement.
How a No Win No Fee Agreement Works
A no win no fee arrangement is also known as a contingency fee agreement.
It means exactly what it sounds like. You don’t pay a lawyer for their services upfront. You only pay them after the desired case outcome (win) has been reached.
Do All Lawyers Offer This Payment Method?
No win no fee method is ideal because it helps ensure everyone has access to high quality legal representation without worrying about the cost. If you had to pay $5,000 upfront when hiring a lawyer, only a small percentage of Americans would afford it.
That being said, not all lawyers offer this method. In fact, most will bill you on an hourly basis, or ask you to pay a retainer.
What determines whether a lawyer offers a no win no fee payment method is the nature of your case. The case needs to have a monetary award when it’s won.
The reason this method is common among personal injury lawyers, for instance, is personal injury cases typically end in a settlement. The party at fault, or their insurance provider, will make a payment to the plaintiff.
What’s the Typical Rate for No Win No Fee Lawyers?
Most no win no fee lawyers typically have a set percentage. In most cases, this is 33.3 percent of the settlement amount.
This is to say, if you have a personal injury case and you’re seeking $100,000 in compensation, your lawyer will take about $33,000.
That being said, this rate isn’t cast in stone. It’s possible for this rate to go a bit higher or much lower. A lot will depend on the nature of the case as well as the lawyer’s level of experience.
If a lawyer or law firm, like this well reviewed firm, has a great win record, they are likely to charge the standard rate and not offer any wiggle room. If your case is complex and likely to go to trial, the rate can go as high as 40 percent. If the case is relatively simple and straightforward, your lawyer might be more willing to lower the rate.
Take Advantage of No Win No Fee Lawyers
The no win no fee payment method has its disadvantages, but for the most part, it’s advantageous. You don’t have much to lose compared to someone who makes an upfront payment. If your case allows for this kind of arrangement, be sure to look for a no win no fee lawyer.
Keep reading our blog for more tips and insights.