Why Your Personal Injury Lawyer In Newmarket Must Offer You A No-Win No-Fee Agreement
Accident victims have every right to file accident claims and pursue fair compensation for their physical, mental, and financial losses. The rising costs of pursuing legal representation make many injury victims feel helpless. That's where a personal injury lawyer in Newmarket who offers no-win, no-fee contracts can be of immense help. In simple terms, you pay these lawyers only if your legal claim is successful. If your attorney loses the claim and you don't receive a payout - you're not liable to pay his/her fees. Here's why entering into such an arrangement can help your claim.
Understanding How No-Win No-Fee Agreements Work
Your personal injury lawyer in Newmarket will create an agreement. These types of agreements are known as "conditional fee agreements." It confirms that you won't pay legal fees if your personal injury claim is unsuccessful. It also clarifies what percentage of the payout your attorney will be if your claim is successful. This payment makes up for the lawyer's time and expertise. A conditional fee agreement covers the following costs - legal fees, medical reports, and court fees. If there are additional external costs (e.g., hiring experts to comment on your case) your attorney may charge you.
Benefits of No-Win No-Fee Agreements
A personal injury lawyer in Newmarket who offers no-win, no-fee contracts will usually have his/her client's best interests at heart. That's why most people who sign no-win, no-fee contracts tend to have no resources at all to fight in court. Attorneys want to help such victims with these contracts. So, the main benefit of signing no-win, no-fee contracts is financial flexibility. Injury victims can focus on recovering from their injuries and not legal fees once they sign no-win, no-fee contracts.
Drawbacks of No-Win No-Fee Contracts
Let's say you're awarded a huge settlement by the court. As per your no-win, no-fee contract, your attorney takes 25% (that's the standard rate) of the total settlement amount. This payout ends up being significantly larger than the amount you would've spent hiring an attorney traditionally. This is the main "drawback" of signing no-win, no-fee contracts. Sure, you may end up paying more in legal fees at the end of the case. But, at least you win your settlement. That's better than not teaming up with a top personal injury lawyer in Newmarket and not winning your claim.
Can You Pull Out of No-Win, No-Fee Agreements?