CONTINGENCY FEE Meaning and
Definition
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A contingency fee refers to a type of compensation arrangement often used in legal services, where a lawyer or law firm's fee is contingent upon the outcome of a case or legal matter. Under a contingency fee agreement, the lawyer would only receive payment if they successfully acquire a favorable outcome, typically in the form of a settlement or a court judgment, in favor of their client. The fee is generally calculated as a percentage of the monetary damages given to the client.
The primary advantage of a contingency fee arrangement is that it allows individuals with limited financial resources to have access to legal representation, particularly in cases where they may not be able to afford an attorney on a traditional hourly fee basis. This arrangement aligns the lawyer's interests with those of the client, as both parties have a shared goal of achieving a positive outcome.
Contingency fees are commonly used in personal injury cases, where the lawyer represents the injured party seeking compensation. These fees can also be used in other civil litigation matters, such as employment discrimination, medical malpractice, or product liability cases. However, contingency fees are generally prohibited in criminal cases or family law matters.
It is important to note that contingency fees are subject to ethical rules and regulations in many jurisdictions. These rules typically govern the maximum percentage of the recovery that a lawyer can receive as a contingency fee and may require written agreements and disclosure of fees to the client.
Common Misspellings for CONTINGENCY FEE
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Etymology of CONTINGENCY FEE
The word "contingency fee" is derived from the Latin word "contingere", which means "to touch" or "to happen". In this context, it refers to the possibility of a particular event occurring. The term "fee" also has its origins in Latin, coming from the word "feodum", which means "payment" or "property". Therefore, "contingency fee" can be understood as a payment or fee that is dependent on a certain event or outcome.
Similar spelling words for CONTINGENCY FEE
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