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ScottyMacEsq
ScottyMacEsq, Attorney
Category: Legal
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Experience:  Licensed Texas General Practice Attorney
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If offer made by defense is accepted by plaintiff in a contingency

Resolved Question:

If offer made by defense is accepted by plaintiff in a contingency contract, how are the proceeds distributed and in what order?
Submitted: 1 year ago.
Category: Legal
Expert:  ScottyMacEsq replied 1 year ago.

ScottyMacEsq :

Thank you for using JustAnswer. I am researching your issue and will respond shortly.

ScottyMacEsq :

Ultimately a contingency fee agreement depends on the wording of the agreement itself. It should clearly state the percentage that the attorney is going to get, how costs are allocated, etc... Most contingency fee agreements will take the expenses off the top, then have 1/3 go to the attorney and 2/3 go to the client (assuming a 1/3 contingency, of course). But it could be that the expenses get paid by the client's share, so that it's 2/3 minus the expenses, and a full 1/3 goes to the attorney.

ScottyMacEsq :

Now the check will get paid to the attorney, which will go into that attorney's client trust account (or a specific trust account, if applicable).

ScottyMacEsq :

Then the attorney will send a bill and generally seek approval of the bill and proposed distribution, but the attorney may distribute those funds that are clearly due to you and to the attorney, and could retain a portion that could be disputed (such as those for costs).

ScottyMacEsq :

Again, this really depends on the language of the contingency fee agreement itself, in how the money is distributed. But all the attorneys I know will take possession of the payout from the other side, put it into trust, and pay it from the firm account.

Customer:

What expenses ?

ScottyMacEsq :

Filing fees, depositions, copying, fax, etc...

Customer:

Most contingency fee agreements will take the expenses off the top

ScottyMacEsq :

Yes.

ScottyMacEsq :

Expenses are different than attorney fees.

ScottyMacEsq :

Expenses are those things that don't go to the attorney, but are actual costs of pursuing the lawsuit.

ScottyMacEsq :

The attorney fees are those funds paid to the attorney, that the attorney gets to "take home".

ScottyMacEsq :

The further you are in your litigation (i.e. if you have already filed the lawsuit, had depositions, etc...) the expenses would be higher.

ScottyMacEsq :

Does that clear things up?

ScottyMacEsq :

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!

ScottyMacEsq :

Did you have any other questions before you rate this answer?

ScottyMacEsq :

Are you there? Please note that I am still here, awaiting your response.

ScottyMacEsq :

Should I continue to await your response, or may I assist the other customers that are waiting?

ScottyMacEsq :

My apologies, but I must assist the other customers that are waiting. If there's nothing else, please rate this answer. Please note that I don't get any credit for the time (>20 minutes) and effort that I spent on this answer unless and until you rate it a 3, 4, 5 (good or better) AND press the "submit" button, if applicable. If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, XXXXX XXXXX luck to you!

ScottyMacEsq, Attorney
Category: Legal
Satisfied Customers: 12223
Experience: Licensed Texas General Practice Attorney
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ScottyMacEsq
ScottyMacEsq
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Licensed Texas General Practice Attorney