King Washington Contingency Fee Agreement with an Attorney or Law Firm

State:
Multi-State
County:
King
Control #:
US-00442BG
Format:
Word; 
Rich Text
Instant download

Description

There are various types of attorney fee arrangements such as time based, fixed, or contingent. Time based means a fee that is determined by the amount of time involved, such as so much per hour, day or week. Fixed means a fee that is based on an agreed amount, regardless of the time or effort involved or the result obtained. Contingent means a certain agreed percentage or amount that is payable only upon attaining a recovery, regardless of the time or effort involved.


With a contingent fee arrangement, the lawyer receives no fee unless money is recovered for the client. Upon recovery, the lawyer is paid an agreed-upon percentage, usually ranging from an amount equal to 25 to 50 percent of the amount recovered. A written fee agreement should specify the costs and expenses to be deducted and whether such costs and expenses are to be deducted before or after the contingent fee is calculated. Contingent fee agreements are generally not permitted for criminal cases or domestic relations matters.


Even if there is no recovery, however, the client is still responsible for court costs (filing fees, subpoena fees, etc.) and related expenses, such as telephone charges, investigators' fees, medical reports, and other costs.


This form is a fairly typical contingent fee agreement

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FAQ

The difference between a conditional and a contingency fee is that under a conditional fee arrangement, a solicitor can charge his client the usual charge out rate, plus an uplift, if he has pursued his clients' case successfully. If the case is not successful then no fee, or a reduced fee, will be payable.

Typically the contingency rate free ranges from 33%-45% of the recovery. A contingency fee agreement is a payment arrangement that enables injured victims pursuing legal recourse to have legal representation, even if they do not have the financial ability to pay a lawyer out of pocket.

In a typical contingency fee agreement, the plaintiff is only responsible for paying their attorney if they win the case, with the payment coming as a percentage of the winnings. The reason that contingency fees are used so often is related to the cost of pursuing a trial.

In a contingent fee arrangement, the lawyer agrees to accept a fixed percentage (often one-third to 40 percent) of the recovery, which is the amount finally paid to the client. If you win the case, the lawyer's fee comes out of the money awarded to you.

Under the AICPA rule, a member could potentially charge a contingent fee for an amended return if the member can demonstrate a reasonable expectation, of substantive consideration by a taxing authority.

The contingency fee percentage must be agreed in advance. It must not be more than 25 percent of your compensation excluding any sums paid to you which have been calculated to pay for your future needs.

That is, in a contingency fee agreement, the lawyer only receives compensation if the lawyer has successfully represented the client. Further, the amount the lawyer receives is contingent upon the result the lawyer obtains and often on the phase of litigation in which the dispute settles..

While the percentage of the fee varies by lawyer, typically contingency fees are 33 2153 percent of the case if a lawsuit is not filed and 40% if a lawsuit is filed.

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King Washington Contingency Fee Agreement with an Attorney or Law Firm