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EagleFee’s Free-Market Approach to Contingent Fees

Letting the free-market determine a fair contingent fee for legal claims has many benefits.  First, the fee will match the merits of the case. Valuable, minimal risk cases will pay a lower percentage fee than difficult or less valuable claims.  Second, proposals of representation created by interested attorneys  will provide claimants with valuable insights  about their cases.  Claimants can compare offers of representation and retain lawyers that best fit their needs. Finally, an open market is the most efficient way to establish a fair contingent fee.

No two legal claims are the same.  Each case is made up of unique facts and individuals that affect its value.  With all of these variables, the idea that a standard, pre-set percentage fee should be applied to every claim is ridiculous. But if a standard fee isn’t used, how can a fair fee be determined?  This is where a free-market comes into play.

In a free-market,  contingent fees are based on the merits of a claim. An unrestricted group of independent lawyers evaluate cases for value and risk. These determinations are based on available, objective data

Unlike other websites designed to connect claimants with lawyers, EagleFee doesn’t publish claimants’ subjective recollections of events surrounding their claims.  EagleFee requires that claimants post reports prepared by third parties to outline claims.  Not only does this approach minimize the possibility of claimants making harmful statements online, it provides lawyers with the data necessary to make the informed proposals that compose a valid market.

EagleFee encourages lawyers to offer substantive, fair proposals of representation.  Proposals should contain information about the lawyer and her practice, case evaluation, and a suggested contingent fee.  Lawyers do not bid against each other in an attempt to “win” a case by offering the lowest percentage fee.  Proposals are confidential between the lawyer and the claimant.  Claimants are encouraged to compare entire proposals, not simply the proposed fees.

EagleFee allows claimants to market cases directly to lawyers.  Establishing individual markets for each claim allows for elimination of forwarding fees.  Will all lawyers lower their percentage fees because they no longer need to pay a forwarder? Of course not.  Those genuinely interested in representing a particular claimant will be aware that other lawyers who will reduce their percentage fee are also reviewing the claim.  This will encourage all attorneys to make the fairest proposals possible to remain competitive.

EagleFee is not a subscription service only available to lawyers who pay for the opportunity to review cases.  Not restricting the attorney base allows for the broadest market possible. This free-market approach encourages more lawyers to participate. In addition, with the Invite a Lawyer feature, EagleFee allows claimants to request that specific lawyers  review a claim insuring both a broad and targeted market. Requiring a substantive proposal and a $ 25.00 transmission fee contributes to the integrity of that market.

Lawyers who want to offer representation must be invested enough in a claim to write a proposal and spend  $25.00. This is important for two reasons.  First, while not a large amount of money, the transmission fee discourages unqualified attorneys whose proposals will be compared with those of qualified lawyers.  The $ 25.00 fee buys only the right to send a proposal.  Claimants can ignore attorneys without proper credentials.  Second, the need to craft a proposal containing biographical information and case analysis requires a time commitment that discourages lawyers only casually interested in a claim.

A free-market approach to contingent fees benefits claimants in many ways.  EagleFee’s unique structure encourages the broadest market possible and the fairest fees. EagleFee is the most efficient, no cost way for claimants to connect with informed, interested lawyers.

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