Payments and Contingencies At Holladay Law
You Don’t Pay Unless You Win.
At Holladay Law, you never pay the firm anything ever for your personal injury claim, unless it either settles your case or gets a favorable judgment at trial. At that point, the firm takes a portion of the money award as its fee, which means you never have to write it a check. This is referred to as a contingency fee. The firm’s fee is contingent upon making a recovery for you.
How Does a Contingency Fee Work?
A contingency fee is typically based upon a percentage of the settlement or award you receive as a result of your personal injury claim. The most common arrangement is to have a tiered fee arrangement. In Texas, the fee is generally 33.33% of your recovery if the case settles before filing a lawsuit, 40% if the case settles after, and 45% if the case is appealed.
Do Contingency Fees Include Expenses?
No. At Holladay Law, the firm spends money up front on your behalf to investigate, collect evidence, and litigate your personal injury lawsuit. If the firm obtains a recovery in your favor, these expenses are reimbursed to the firm in addition to the contingency fee.
Why Is a Contingency Fee Beneficial for a Personal Injury Claim?
The other way an attorney can be paid is hourly. Most people cannot afford to pay the hourly cost of an attorney up front, in addition to the costs incurred. These costs can add up very quickly. What’s more, this money is due regardless of whether you ever collect damages for your injuries.
Contingency fee agreements provide an opportunity for personal injury victims to get justice regardless of their financial standing. It also insures they are not left with costly legal fees if they lose their case. Finally, since your attorney does not get paid unless you collect a damages award, your attorney has an incentive to work quickly and effectively to resolve your case rather than continuing to collect an hourly fee over a long period of time.