A contingency fee is a lawyer's fee paid only if the client recovers, taken as a share of the recovery. It makes the firm's revenue depend on outcome and timing, which is why contingency practices need working capital.
Under a contingency arrangement the firm funds costs and time up front and earns nothing if the matter fails. The fee on success is set by agreement within the limits of professional rules, and it is typically the asset a lender or a bridge lender looks to.
That structure makes a firm's book of matters the main driver of its finances. The stage, age, concentration and conversion history of the book determine how much capital the firm needs and how safely it can be lent against.
A contingency fee is not a prediction of the firm's success. It is a payment term that places outcome risk on the firm.
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