Unlike other types of attorneys, car accident lawyers work on what’s called a “contingency fee” agreement. They do not bill you, and they do not require a retainer.
Contingency fee arrangements are often referred to as “no-win no-fee” arrangements, because that’s exactly how they work. Under no circumstances will you owe your attorney a penny in fees unless (and until) they win your case and put money in your pocket.
Under a contingency fee arrangement, your goals are aligned with those of your attorney. Because accident attorneys don’t bill by the hour, there’s no reason for them to delay and/or stretch out the length of your case. Instead, your attorney will agree to pursue compensation on your behalf with the understanding that the firm will receive a percentage of the total award (usually 33-40%) if and when a settlement or jury verdict is reached.
For example, if your lawyer settles your claim for $60,000, they will likely receive $20,000 (33.33%) in attorney’s fees. If your lawyer recovers $120,000 in a trial verdict, they will likely receive about $48,000 (40%) in attorney’s fees.