What Is A Contingent Fee Agreement?
We are paid a percentage of your overall settlement which is contingent upon a successful result. In other words, there is no legal fee unless we are successful with your case. This means that Attorney Stoehr may work for months or even years on your claim without getting paid. Therefore, the attorney assumes the risk of not getting paid unless the case is successful. This gives the attorney the incentive to work as efficiently as possible and to obtain the highest settlement amount possible under the circumstances of your case.
At the beginning of your case Attorney Stoehr will discuss the percentage amount for his fee. You will enter into a Contingent Fee Agreement (contract) with Attorney Stoehr which will spell out the terms of your agreement. The Contingent Fee Agreement is clearly written and Attorney Stoehr does not want you to sign it until all questions have been answered. We have found that many law firms across the state have been charging fees of 40%, at times 45%. Some cases are particularly complex and time-consuming, thus, a 40% fee may be appropriate. However, the overwhelming majority of our cases are handled for a contingent fee of 33.33%. (Do not confuse personal injury claims with disability or workers’ compensation. These cases have fees set by law.)
In summary, we do not get paid any money unless we get money for you. Finally, the settlement money or verdict will be paid by the defendant or the defendant’s insurance company.