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How Are Plaintiffs’ Law Firms Paid?
Baron & Budd is a plaintiff’s law firm that works on a contingency basis. This means that the firm’s clients will never have to pay upfront for the services provided to them. If the case is successful, the law firm will receive a percentage of the award. If it is not successful, the client does not owe the firm anything.
Below is helpful information on some of the financial aspects of Baron & Budd’s cases.
What is a Plaintiffs’ Law Firm?
A plaintiffs’ law firm represents clients who have suffered financial or physical harm due to the actions or inactions of another party or parties. These law firms typically take on large corporations, such as pharmaceutical companies, automobile manufacturers, asbestos companies, etc. Plaintiffs’ firms fight for the “little guy” so he can compete against adversaries with incredibly deep pockets and virtually unlimited resources.
Plaintiffs’ law firms working under the contingency fee system make it possible for people who have been harmed by corporate fraud and/or negligence to fight back. This not only shines a harsh spotlight on harmful corporate practices, it also helps the client obtain compensation to offset medical expenses and financial losses.
How are Plaintiffs’ Law Firms Paid?
Many people wonder how attorneys who work under contingency fees are compensated for representing their clients. Many plaintiffs’ law firms work on a contingency fee basis. This means that the firm receives a percentage of the amount awarded to the clients through either a settlement or a judgment in court.
What is a Contingency Fee Arrangement?
When a law firm and a client work together under a contingency fee arrangement, the client only pays if his or her legal action succeeds. If compensation is recovered in a case, the firm will receive a percentage of the client’s court or settlement award to cover attorney fees and expenses. This means clients never have to pay anything upfront when hiring a plaintiffs’ firm.
How do Settlements Work?
Many lawsuits never reach the inside of a courtroom. Instead, they are settled out of court. In order to increase the chances of a fair settlement with the companies responsible for your case, your attorneys will have to proceed as if the case will go to trial.
A settlement is an amount of money offered by a defendant to a plaintiff in a lawsuit to have the case dismissed and spare the expense of a trial. There are several advantages available to plaintiffs when accepting a settlement. They know exactly how much money they will receive, and they can usually collect their money much faster than if the case went to trial. Court cases can be very expensive, so it is often in the defendant’s best interest to offer a settlement.
Baron & Budd handles different types of cases and it has achieved substantial national acclaim for its work on cutting-edge litigation. We have tried hundreds of cases to verdict and settled tens of thousands of cases in areas of litigation as diverse as dangerous pharmaceuticals and defective medical devices, asbestos and mesothelioma, environmental contamination, whistleblower, fraudulent banking practices, motor vehicles, employment, and other consumer fraud issues.