What Are the Advantages and Disadvantages to Both Client and Attorney

question 44

Essay

What are the advantages and disadvantages to both client and attorney when entering into a contingency fee agreement for attorney's fees?

---

Definitions:

Nominal Wage

The amount of money paid to a worker per unit of time, measured in current currency terms without adjustment for inflation.

Price Level

A general measure of current prices for every type of good or service created in the economy.

Real Wage

The purchasing power of an individual's earnings, adjusted for inflation, reflecting the actual goods and services that wages can buy.

Monopsonist

A market condition where there is only one buyer for a product or service, giving that buyer significant control over the market.