mercredi 28 mars 2018

Legal Fees: Contingency Agreement.if Settlement in Installments, Lawyer Gets Full Amount First

My question relates to legal practice in the state of: Washington

Hi...If I enter into a contingency agreement for a debt collection, does it seem fair that if a settlement is obtained which is to be paid by the debtor in installments that the lawyer will receive
their contingency portion of 33% in the first installments before I receive anything?...I can understand the 33% coming out of a one-time full settlement paid out to the lawyer, but if it's installments and the debtor only ends up making the first 50% of installments, I'd be really screwed...is this standard?...should I try and negotiate this point before signing the agreement with the lawyer?

Here is the clause:
"In the event settlement is achieved by means of future installment payments (such as
annuity or structured settlement or other form of deferred compensation), the
Attorney’s fees as to future payments shall be computed upon the present cash value
of the future installment payments and paid from the first funds received."


Also, is it standard that the client should pay all costs regardless of whether the attorney is successful in the collection?

Thanks!


Legal Fees: Contingency Agreement.if Settlement in Installments, Lawyer Gets Full Amount First

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