contingency fee

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contingency fee

Law & medicine An attorney fee based on a percentage of the money recovered in a lawsuit

contingency fee

A wage charged by a legal professional for services rendered, payable only if the injured party wins damages as a result of the successful resolution of a suit. Contingency fees usually consist of a percentage of the damages recovered by the injured party.
References in periodicals archive ?
A partial solution proposed by Michael Johnson is that plaintiffs are charged a registration fee in advance for contingent fee lawsuits, even though this could be viewed as a contradiction in terms.
However, under the contingent fee agreements, the expert is accountable to no one.
The statute may prove useful in dealing with some contingent fee agents in that it prohibits some of the more offensive tactics of collection agencies.
The fundamental error of the trial lawyers who espouse percentage contingent attorney fees without stint, is their indulgence in the assumption that free market economics and a "sacred" right of contract invest them with the power, right, or privilege to charge percentage contingent fees to whatever extent the "market" will bear.
Most of the shortcomings with contingent fee audits are also present where third-party auditors are paid on an "hourly basis".
With a contingent fee arrangement, there is generally no immediate "hit" or expense to a business unit's or tax department's budget for the incremental cost of performing the study.
27(b) (2), does allow a contingent fee arrangement between the practitioner and taxpayer in certain situations.
Boards need to be prepared to address concerned shareholders, who in some cases worry that the contingent fees paid to investment banks compromise the financial institutions' independence and objectivity.
Commissions and contingent fees are acceptable in specific circumstances, but referral fees are not acceptable unless the CPA is paying a fee for obtaining clients in conjunction with the purchase of an accounting practice.
Despite the attractive features of contingent fee arrangements, some clients hesitate to accept them.
The bill included language allowing attorneys to deduct the out-of-pocket costs related to contingent fee cases as ordinary and necessary business expenses under Internal Revenue Code [section] 162.
A natural question--which we can address using our model is then why the lawyer's contingent fee is not one-half of the award, nor two-thirds, but one-third.