I met with a guy recently at our Richmond, Virginia office. He'd been in a pretty bad accident and had interviewed one of the big Richmond law firms. As I was explaining our fee structure for personal injury cases he told me that this other firm wanted to charge a full 33 1/3% just for settling his case (pretty outrageous) but that they also wanted an additional 8% file maintenance fee.
I asked him "8% of what?" He said an "additional 8% fee"
He told me that he asked the lawyer to confirm that what he would actually be charged was 41% if the case settled and the lawyer allegedly told him yes, "that's what all firms charge."
I'm still waiting to get written confirmation of this but I couldn't believe it. (By the way, they wanted 40% PLUS to take the case to trial) I've got a video on the 40% contingent fee.
What do you think? Do most firms charge a percentage "file maintenance fee" on top of a contingent fee?