What Are the Fees for a FINRA Arbitration Attorney?
Get Your Free Consultation
As reported in InvestmentNews, three Raymond James entities have agreed to pay over $15 million to resolve an investigation by the SEC. The settlement and SEC order focused on Raymond James’s actions in improperly charging certain clients advisory fees when the...read more
If you or your business sustained major financial losses because your stockbroker, financial planner, or investment advisor committed fraud or acted negligently, you may be able to recover compensation. While there are several ways for victims of securities fraud to pursue financial compensation, one of the most common methods is to file a FINRA claim with the Financial Industry Regulatory Authority, initiating a dispute resolution process known as “arbitration.” While it is critical to hire a skilled FINRA arbitration attorney to guide you through this complex process, many people hesitate to retain legal counsel, because they are concerned about the potential for attorney fees and high legal costs. However, the cost of hiring an experienced and qualified FINRA lawyer is far lower than most people realize. Read on to learn more about the attorney fees and legal costs associated with FINRA claims.
How Much Does it Cost to Hire an Attorney for a FINRA Claim?
Unfortunately, there is a common misconception that hiring an attorney is expensive, and of course, a large attorney fee is the last issue you want to deal with when you are already reeling from financial losses caused by your broker or investment advisor. The good news is that hiring a FINRA arbitration lawyer is much more affordable than you probably realize – particularly if you choose to be represented by the attorneys of Epperson & Greenidge, LLP. Before you dismiss the option of hiring an attorney, keep the following in mind:
- Because of our contingency fee structure, you won’t pay unless we win. You read that correctly: when you are represented by Epperson & Greenidge, LLP, there are no attorney fees unless we recover compensation for you. In other words, our fees are contingent upon our success in obtaining an award or settlement for you. That is how confident we are in our ability to recover for our clients.
What Are the Filing Fees for FINRA Arbitration?
You will be required to pay assorted legal fees in order to file your FINRA claim. Because these fees are required by, and paid directly to, the FINRA organization, they cannot be discounted by law firms. However, if paying the FINRA filing fees would create financial hardship for you, you may be able to avoid the fees by obtaining a waiver, which our attorneys can assist with if you are eligible. (Note that you will be required to submit various financial documents to FINRA, such as pay stubs and tax returns, in order to qualify for a waiver.) Additionally, if your claim succeeds, it may be possible to recover compensation for the filing fees, which means you can potentially be reimbursed.
FINRA fees vary from case to case, because they are impacted by factors such as the size of the claim, whether one or three arbitrators will be required to oversee arbitration, and what types of “securities” (stocks and bonds) are involved in the claim. Up-to-date FINRA fees, including fees for both arbitration and mediation, which are separate procedures, are posted on the FINRA website. Under FINRA Customer Code Rule 12900, pertaining to fees due when a claim is filed, initial filing fees are as follows, as of winter 2018:
- $.01 to $1,000 (claim amount) – $50 (filing fee)
- $1,000.01 to $2,500 – $75
- $2,500.01 to $5,000 – $175
- $5,000.01 to $10,000 – $325
- $10,000.01 to $25,000 – $425
- $25,000.01 to $50,000 – $600
- $50,000.01 to $100,000 – $975
- $100,000.01 to $500,000 – $1,425
- $500,000.01 to $1,000,000 – $1,725
- $1,000,000.01 to $5,000,000 – $2,000
- Over $5,000,000 – $2,250
Note that FINRA may require additional fees as the arbitration process progresses, depending on the scope and complexity of the claim. Our attorneys will make every effort to keep your expenses to a minimum by taking an aggressive yet cost-efficient approach to your claim. In the meantime, you can learn more about how FINRA fees work by using FINRA’s arbitration fee calculator, or exploring the other fee-related resources on FINRA’s website.
FINRA Arbitration Lawyers for Victims of Stockbroker Fraud and Negligence
It is in your best interests to be represented by a FINRA arbitration claim lawyer if you intend to initiate the arbitration process. Fortunately, hiring a FINRA arbitration lawyer doesn’t have to be expensive. If you have any questions or concerns about covering attorney fees or other legal costs, we encourage you to contact our law offices online or by calling (877) 445-9261. We can provide you with a free consultation about whether you have a claim, and if so, how the attorneys of Epperson & Greenidge, LLP may be able to help.