contingency fee
Definition
- Noun:
- A fee that is payable only if the outcome is successful: A contingency fee is a payment arrangement, typically for professional services like those of an attorney, where the fee is collected only if a specific, successful result is achieved. The amount is often a predetermined percentage of the value recovered.
Usage Examples
- Noun:
- The lawyer agreed to take the case on a contingency fee basis, so we pay nothing unless we win.
- Contingency fees make legal representation accessible to clients who cannot afford hourly rates.
- Her contract stipulated a 30% contingency fee for securing the business deal.
Advanced Usage
- "on a contingency fee basis": Describes the method of payment being contingent on success.
- Many personal injury attorneys work on a contingency fee basis.
Variants and Related Words
- Contingent fee: An alternative term with the same meaning as "contingency fee."
- Success fee: A similar term used in some contexts and jurisdictions for a fee payable only upon success.
Synonyms
- Conditional fee: A fee dependent on a specific condition being met.
- No-win, no-fee: A descriptive phrase for arrangements, common in legal contexts, where payment is contingent on a successful outcome.
Related Phrases
- Contingency fee agreement: The formal contract outlining the terms of the contingency fee arrangement.
- Before proceeding, the client signed a detailed contingency fee agreement.
Noun
-
a fee that is payable only if the outcome is successful (as for an attorney's services)
