What is a Success Fee in Personal Injury Cases?
A success fee is the amount of compensation a personal injury lawyer can take to cover their general services if your claim is successful. It is also known as a “contingency fee” and is often used in cases where the injured party is unable to pay the lawyer’s fees upfront.
The success fee percentage is capped at 25% by law, meaning that your lawyer or solicitor can only take up to 25% of your compensation. This is to ensure that the injured party receives a fair amount of their compensation.
When a personal injury lawyer takes on a case, they will usually agree to a success fee percentage before the case begins. This percentage is usually between 10-25%, depending on the lawyer’s experience and the complexity of the case.
The success fee is only taken from the compensation awarded to the injured party, and not from any other damages or costs that may be awarded. This means that the lawyer’s fees will not be taken from any medical expenses, lost wages, or other costs that the injured party may have incurred.
In addition to the success fee, the lawyer may also charge an hourly rate for their services. This is usually charged on top of the success fee and is used to cover any additional costs that may arise during the case.
It is important to remember that a success fee is only taken if the case is successful. If the case is unsuccessful, the lawyer will not be entitled to any payment. This is why it is important to make sure that you choose a lawyer who is experienced and knowledgeable in personal injury cases.
In conclusion, a success fee is the amount of compensation a personal injury lawyer can take to cover their general services if your claim is successful. The success fee percentage is capped at 25% by law, meaning that your lawyer or solicitor can only take up to 25% of your compensation. It is important to make sure that you choose a lawyer who is experienced and knowledgeable in personal injury cases, and to understand the terms of the success fee before the case begins.
Feb 10, 2023
