Contingency Fees Level the Playing Field
Many people do not pursue legal action because they lack the personal funds to pay for legal services, even when they have legitimate reason to bring a lawsuit. The contingent fee system is designed to make sure everyone has access to the legal help they need. It makes it easier for people who may not normally be able to absorb the cost of legal assistance to bring lawsuits against the persons or entities by who genuinely wronged them. These are especially important when an individual or group decides to take on a major company or other institution that has significantly greater financial resources.
Where Do Contingency Fees Come From?
Contingency fees are usually included as a portion of the settlement or winnings obtained at the end of a case. This motivates attorneys to take on cases that have a chance at winning and also serves to deter them from taking on meritless cases just to make money. It also ensures that the attorney wants to win the case as much as their client does.
Because contingency fees are paid out after a case is settled, your attorney may be able to advance costs and fees associated with your case until (and unless) you win. If you win your case, you and your lawyer may be able to set up a plan to pay them back over time. However, the IRS may require you to to pay taxes on all of your winnings, even the portion that goes to your attorney. If funds obtained in your settlement are intended to cover medical costs for an injury, you may wish to avoid being taxed on 100% of your settlement, in which case you may need to file a miscellaneous itemized tax deduction for your legal fees.
Experienced Product Liability and Personal Injury Lawyers in Kansas City
At Bertram & Graf, L.L.C. you don’t pay us unless we win your case. We are committed to serving Kansas City residents, including those who may not have the means to afford legal fees. If you have been injured, taken advantage of, or harmed in any way, we are here to answer your questions and help make sure you are treated fairly. Get in touch with our attorneys today.
Call (888) 398-2277 now or contact us to receive a free case evaluation right away.