Contingency legal fee percentages
May 9, 2011 4:49 PM Subscribe
What are typical contingency legal fee percentages for a product liability case?
An attorney who has agreed to take my case said the contingency fee is 33.3% if settled out of court and 40% if settled in court. It sounds a little high to me but they claim it's industry standard.
An attorney who has agreed to take my case said the contingency fee is 33.3% if settled out of court and 40% if settled in court. It sounds a little high to me but they claim it's industry standard.
I've never had a product liability case, but those are the exact numbers I was quoted for a personal injury case a few years back, so I'd buy that it's the standard.
posted by decathecting at 5:33 PM on May 9, 2011
posted by decathecting at 5:33 PM on May 9, 2011
My wife's personal injury case a couple of years ago was 35%, lowered to 25% after the settlement by the firm because we my wife was an easy to work with client. That's what they said...
posted by COD at 5:35 PM on May 9, 2011
posted by COD at 5:35 PM on May 9, 2011
Class actions are not relevant here.
Each locality is different on this issue. The "industry standard" is in truth a tacit agreement among lawyers in your locality that this is what they will charge. In our area, it is a straight 33%, but that is the maximum allowed under a court rule.
posted by megatherium at 5:35 PM on May 9, 2011
Each locality is different on this issue. The "industry standard" is in truth a tacit agreement among lawyers in your locality that this is what they will charge. In our area, it is a straight 33%, but that is the maximum allowed under a court rule.
posted by megatherium at 5:35 PM on May 9, 2011
Those are the standard percentages quoted at my firm. You could try shopping around, but I'd guess you'd find most firms will give a very similar quote. The percentage always goes up if the case has to go to trial.
posted by Arbac at 5:40 PM on May 9, 2011
posted by Arbac at 5:40 PM on May 9, 2011
I worked for a product liability firm, and that's exactly what our fee structure was. Plus, if it went all the way to appeal we got 45%.
posted by jayder at 5:47 PM on May 9, 2011
posted by jayder at 5:47 PM on May 9, 2011
Yeah, that's pretty standard.
posted by lockestockbarrel at 7:59 PM on May 9, 2011
posted by lockestockbarrel at 7:59 PM on May 9, 2011
That's how it works. I'm in a defense firm, but we know what opposing counsel charges most of the time. A third if it's settled, 40% if it wins at trial, and 45% if there's an appeal.
posted by valkyryn at 6:29 AM on May 10, 2011
posted by valkyryn at 6:29 AM on May 10, 2011
This thread is closed to new comments.
Not sure, but I think I've seen product liability class actions approve 25%, and with a lot of plaintiffs you're talking about enough extra money coming in that it offsets the less-increased cost of prosecuting the case. I'm a little surprised by the difference between the settlements depending on when it settles, but it makes sense - court proceedings take extra time. What happens if it goes to trial and there is no settlement? Still 40?
You should be able to get a free consult. Might be worth going to another attorney to see what they give you for a quote. If it's the same, it's probably standard in your area for that type of case.
posted by J. Wilson at 5:14 PM on May 9, 2011