The legal team at Halling & Cayo, S.C. can represent you on a contingency fee basis in a claim against your broker or his employer. We are not paid unless we are able to recover compensation on your behalf. Although you will still be responsible for third-party costs, arbitration does not involve as many legal fees as litigation and your expenses should be relatively low.
We always get the question, of course, of cost when it's time to bring a claim against your broker. Most people in that situation have already lost a lot of money, and the last thing they want to do is throw good money after bad.
The answer to the question is that, in almost all cases, it's not going to cost you anything as far as the lawyers' fees are concerned. We work on what's known as a contingent fee, meaning that we only get paid if we recover for you. It's typically done as a percentage of the amount that we recover.
There are going to be some costs however. The way I usually explain these is that anything that's an out-of-pocket cost to a third party is something that most times the claimant, the person bringing the claim, is going to pay, and so that would be something like filing fees, expert witness fess, that type of thing.
In arbitration, at least, there's not a ton of outside costs. There's no depositions. There's no interrogatories. We don't have big copying costs, some of those things that you might see in a litigation that can sometimes exceed ten, twenty, or $30,000. That's simply not the case in a FINRA arbitration. However, there are some costs, but none of them have to do with paying the lawyer. If we take on a claim for you, we're only going to get paid if we get you your money back.