You may have heard the statement, “we don’t get paid unless you do.” This statement refers to an arrangement between an attorney and client, in which a percentage of the final judgment or settlement is paid to the attorney. That is to say, there are no out of pocket expenses to the client.
What is a Contingency Fee:
A contingency fee provides the attorney compensation for their legal services in an amount that is contingent upon the outcome of the case. The fee is a percentage of the client’s recovery from the lawsuit.
With regards to Real Estate
In matters of real estate, a contingency fee arrangement may be able to be used to recover monetary damages from real estate cases; especially those that are heavily damaged focused; such as executor contract disputes, lease-purchase contracts, and security deposit refund cases, amongst others. It may also be possible for the attorney to acquire a lien against the property or proceeds subject to dispute.
Contingency Fee Advantages
If you believe you have a strong legal claim but are not financially able to hire an attorney out-of-pocket, contingent fee representation can provide access to legal services that otherwise might not be attainable. If the claim is unsuccessful the attorney collects nothing, regardless of the time and resources expended. Many times, property disputes can be settled through negotiations. In these cases, a contingency fee arrangement may offer the client an advantage when pursuing their real estate claim. Clients who hire attorneys on a contingency basis are typically not out of pocket any cash, thus the client has the luxury of fully pursuing the claim. Our law firm has the unique ability to also offer a hybrid fee agreement, which can take the form of a combination of hourly and contingency forms of payment. In this regard, it may be possible for a client to pay for a portion of the attorney’s fees out of pocket, while the remainder could be paid via a contingency arrangement.
Regardless of the circumstances of your real estate legal dispute or real estate damages lawsuit, a contingency fee arrangement may give you the ability to pursue your legal rights when the burden of legal fees and expenses which sometimes prevent it. Contact the percentage based real estate law attorneys at The Farah Law Firm, P.C. for a phone consultation to see if your situation lends itself to an alternative payment arrangement for legal fees.