INTERPRETATION OF A CONTINGENCY FEE CONTRACT. I have a contingency fee contract with lawyers representing me in a disability case close to be settled
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INTERPRETATION OF A CONTINGENCY FEE CONTRACT. I have a contingency fee contract with lawyers representing me in a disability case close to be settled
They expected a solution with a Lump sum, so they drafted our contract without much detail . The contracts says: “client agrees to pay attorneys XX% of the money recovered, whether by settlement or trial. It is specifically understood and agreed that the amount to be paid attorneys shall be computed and based upon the net recovery of damages which may be awarded. Net recovery is defined as the total amount recovered by settlement or judgment.â€ÂThe settlement is aiming at paying me a lump
Asked on June 2, 2009 under Insurance Law, Ohio
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I am a lawyer in CT and practice in this area. A contingency fee in the personal injury world is 1/3 of what is collected in a settlement or trial. this amount does not include expenses that the lawyer incurred litigating the case such as deposition costs, expert witness fees, filing fees, etc. the lawyer is paid off the total judgment and you have to reimburse the lawyer for the costs he put out up front before you see your portion. I am not sure what the xx% is. does it actually have x's? If so, i would clarify what the xx equates too.
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