There really is no single or even a universal “standard percentage” when it comes to contingency fee agreements. The percentage of recovery that attorneys charge for their services varies from one firm to the next. Typically, a contingency fee rate can range from 25% to 40% but a third (33%) of the recovery is the most common or “standard” rate. For example, suppose that the cost of a car accident lawyer is a 33% contingency fee. If your attorney recovered $120,000 in your car accident case, they would keep $40,000 in payment for their services.
But, like we mentioned before, there really is no “standard percentage” since in some cases, the cost may be higher due to the amount of work that your claim requires. If your case is settled with no need for litigation, the contingency fee percentage may be lower. On the other hand, if your claim requires a lawsuit or even a trial, your attorney will need to do much more work to recover the money that you deserve. If a trial is necessary, the contingency fee percentage might even increase a bit more.
All this information might sound like too much right now or even a bit confusing. This is why we encourage you to discuss the contingency percentages and arrangements with your attorney during your free consultation. You should never hire a lawyer or firm that requires upfront payment for legal services. Knowing the average cost of a car accident lawyer is very important, and every serious attorney will let you know their fees.