A contingency fee is an agreed-upon percentage of your award that you owe to your lawyer if you win your lawsuit. Instead of your lawyer billing you an hourly fee for their services a contingency fee allows them to get paid a percentage of your award or settlement. Therefore, if you don’t win you will not have to pay your lawyer for their legal services. At Equilibrium law we charge a 30% contingency fee.
You win $100,000 in your lawsuit. Your lawyer charges a 30% contingency fee. You owe them $30,000 for their legal services.