The basic concept of the contingency fee agreement is that the client is out little or no upfront expenses; you as a client do not pay legal fees unless and until you win, and then the lawyer receives a percentage of your recovery as his or her fee. Expenses can include paying filing fees, arranging for payment of depositions, and paying for copies of medical records or reports.
The cost contingency which is included in a cost estimate, bid, or budget may be classified as to its general purpose, that is what it is intended to provide for. For a class 1 construction cost estimate, usually needed for a bid estimate, the contingency may be classified as an estimating and contracting contingency. These uncertainties are risks to the project. Some refer to these risks as known-unknowns because the estimator is aware of them, and based on past experience, can even estimate their probable costs. The estimated costs of the known-unknowns is referred to by cost estimators as cost 1 Contingency Fees: The lawyer's fee is based on a percentage of the amount awarded in the case. 2  If you lose the case, the lawyer does not get a fee, but you will still have to pay expenses. 3  Contingency fee percentages vary. 4  A one-third fee is common. 1 Consultation Fee: The lawyer may charge a fixed or hourly fee for your first meeting where you both determine whether the lawyer can assist you. 2  Be sure to check whether you will be charged for this initial meeting. 3  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, usually around 30%. The reason that contingency fees are used so often is related to the cost of pursuing a trial. In California, the median attorney hourly rate starts at $350 (pdf) for a small firm with 1-3 years of experience, and goes as high as $453 (average) for a large firm with 26-30 years of experience.  A client pays a contingent fees to a lawyer only if the lawyer handles a case successfully. Lawyers and clients use this arrangement only in cases where money is being claimed—most often in cases involving personal injury or workers' compensation.  Contingency Fee Basics. The basic concept of the contingency fee agreement is that the client is out little or no upfront expenses; you as a client do not pay legal fees unless and until you win, and then the lawyer receives a percentage of your recovery as his or her fee. If you lose your case, there is no legal fee at all for the lawyer. Operating Under a Contingency Fee Agreement. After a contingency fee agreement is reached, the attorney will pay the expenses of the lawsuit. Expenses can include paying filing fees, arranging for payment of depositions, and paying for copies of medical records or reports. A contingent fee (in the United States) or conditional fee (in England and Wales) is any fee for services provided where the fee is payable only if there is a favourable result. In the law, it is defined as a fee charged for a lawyer's services only if the lawsuit is successful or is favorably settled out of court.... Contingent fees are usually calculated as a percentage of the client's net recovery.. In the English legal system, it is generally referred to as no win no fee.  The contingency fee agreement will dictate the circumstances of payment, and how much an attorney is owed. The rules governing lawyers in your state will frequently determine when contingency fees are appropriate. Operating Under a Contingency Fee Agreement. After a contingency fee agreement is reached, the attorney will pay the expenses of the lawsuit. Expenses can include paying filing fees, arranging for payment of depositions, and paying for copies of medical records or reports. While you will not be charged a contingency fee if your attorney is unable to successfully resolve your case, you may still be responsible for certain expenses related to your case—such as filing fees, copying and printing costs, or transcription services, for example. In simple terms, a contingency fee means that an attorney’s legal fees are based on the outcome of the case he or she is handling—if you win, the attorney receives a predetermined amount, but if you lose, the attorney gets nothing. AACE International, the Association for the Advancement of Cost Engineering, has defined contingency as An amount added to an estimate to allow for items, conditions, or events for which the state, occurrence, or effect is uncertain and that experience shows will likely result, in aggregate, in additional costs. These uncertainties are risks to the project. Some refer to these risks as known-unknowns because the estimator is aware of them, and based on past experience, can even estimate their probable costs. The estimated costs of the known-unknowns is referred to by cost estimators as cost contingency. A contingency fee, or contingent fee, is a payment scheme in which an attorney’s compensation is dependent on the outcome of a case. The client pays nothing up-front, and, if the case is successful, the attorney is entitled to a percentage of the award or settlement. Thus, the amount is dependent, or contingent, on the outcome of the case. The percentage is negotiable, but must be reasonable, and will be stated in the attorney-client retainer agreement. The agreement should also state whether the fee is calculated before or after expenses.
https://en.wikipedia.org/wiki/Cost_contingency http://hirealawyer.findlaw.com/attorney-fees-and-agreements/types-of-legal-fees.html https://www.caoc.org/index.cfm?pg=contingencyfees http://www.americanbar.org/groups/public_education/resources/law_issues_for_consumers/lawyerfees_contingent.html http://law.freeadvice.com/litigation/litigation/lawyer_contingency_fee.htm https://en.wikipedia.org/wiki/Contingent_fee http://law.freeadvice.com/litigation/litigation/lawyer_contingency_fee.htm http://www.contingencyfees.org/index.html https://en.wikipedia.org/wiki/Cost_contingency http://www.legalmatch.com/law-library/article/contingency-fee.html
what are contingency expenses