When most people are injured in car wrecks or at work, they can't afford to pay a lawyer an hourly fee out of pocket to win their case against a large corporation or their insurance company. That's why attorneys for the plaintiffs in these lawsuits use a contingency fee, which pays the lawyer about a third of the total settlement or verdict -- but only if the plaintiff wins. That amount covers the work done by the lawyers, and compensates them for the risk of no payout.
In this episode, Dan Minc, a 1977 graduate of Seton Hall School of Law, discusses how he managed to rise up to his firm's managing partner after starting there as a first-year lawyer. He also talks about how he builds his book of business and what he assesses when determining whether to take a client. After all, he's only paid if his client wins.