Quick Answer: No. You do not need your own attorney to participate as an ordinary class member in a securities class action. You are automatically included if you meet the class definition, and you can file a claim and receive a settlement share without personal legal counsel.

However, there are situations where hiring your own attorney can significantly increase your recovery. You should strongly consider consulting one if:

• You want to apply for Lead Plaintiff — applications must be filed within 60 days of the lawsuit’s public notice
• Your losses are very large and individual litigation may outperform your class share
• You want to formally object to the settlement
• Your transactions involve options, short sales, margin accounts, or other complex positions

Initial consultations are free, and securities attorneys work on contingency — no fee unless the case succeeds.

In This Article: 

• How the Class Action Structure Works Without Your Own Lawyer 

• When Should You Consider Getting Your Own Lawyer? 

• What Does It Cost to Consult a Securities Lawyer? 

• What Happens If You Just File a Claim? 

• How Do You Find a Qualified Securities Litigation Attorney? 

• Frequently Asked Questions 

How the Class Action Structure Works Without Your Own Lawyer 

In a securities class action, a single Lead Plaintiff and their chosen law firm handle the entire case on behalf of all class members — meaning the legal work is done for you, at no cost, regardless of whether you personally hire an attorney. 

Here is what the process looks like for an ordinary class member who does not hire personal counsel: 

• The case is filed and litigated. Lead Counsel handles investigation, pleadings, discovery, expert analysis, and settlement negotiations on behalf of the entire class. 

• A settlement is reached and approved. The court approves the settlement and authorizes distribution. 

• You receive a notice and claim form. The settlement administrator mails or emails claim forms to all potential class members. 

• You fill out the form and document your trades. Brokerage statements showing purchase dates, share counts, and prices are typically sufficient. 

• You submit before the deadline. If your claim is valid, you receive a check. No attorney required at any step. 

Important: You will not be paid automatically. You must file a claim form before the stated deadline. Many people fail to claim settlement money because they mistakenly believe they aren’t eligible. Read more about why people don’t claim class action settlements.

When Should You Consider Getting Your Own Lawyer? 

While personal legal counsel is not required for ordinary class members, there are four situations where retaining your own securities attorney can meaningfully increase your recovery or protect rights that the class action structure alone does not preserve. 

1. You Want to Apply for Lead Plaintiff 

Applying for Lead Plaintiff requires filing a formal motion with the court within 60 days of the lawsuit’s public notice. This is a legal proceeding — you need an attorney to file it properly. The good news: the firm you retain as Lead Plaintiff’s counsel bears all costs, and your out-of-pocket expense is zero. 

2. Your Losses Are Very Large 

Major institutional investors and high-net-worth individuals sometimes opt out of the class action to pursue individual litigation when their losses are large enough to justify it. An attorney can model the expected recovery under both paths and advise which is more advantageous given your specific position size and transaction history. 

3. You Want to Object to the Settlement  

Any class member can file a written objection before the fairness hearing — but an effective objection requires legal skill. If you believe the settlement amount is inadequate, attorney fees are excessive, or the plan of allocation is unfair, an attorney can draft an objection that carries weight with the court. 

4. You Have Complex Transactions

Standard claim forms are designed for straightforward stock purchases. If your position involved options, short sales, margin accounts, convertible securities, or trades in multiple tranches across different accounts, the standard claim formula may not capture your full loss. An attorney can help ensure your claim is calculated and documented correctly. 

What Does It Cost to Consult a Securities Lawyer? 

Consulting a securities litigation attorney costs nothing. Initial consultations are universally free, and securities attorneys work on a contingency fee basis — meaning they are paid only if the case succeeds, and their fee comes from the recovery, never from you. 

• No hourly rate. You are never billed for time. 

• No out-of-pocket expense. All litigation costs are advanced by the firm. 

• No fee if there is no recovery. If the case is unsuccessful, you owe nothing. 

What Happens If You Just File a Claim?   

Filing a claim without your own attorney is a perfectly valid and common outcome for ordinary class members. You receive your proportional share of the settlement fund with no effort beyond completing a form — the trade-off is that you have no input into how the case is litigated or settled. 

The trade-off at a glance: 

Filing a claim only: Receive a proportional share. Zero involvement required. No influence over litigation strategy, settlement amount, or fee requests. Retaining your own attorney: Access to Lead Plaintiff role, objection support, opt-out analysis, and complex claim assistance. Still no out-of-pocket cost. 

It is always worth contacting an attorney for a free consultation to understand your rights and explore all available legal options. 

How Do You Find a Qualified Securities Litigation Attorney?

When evaluating a securities litigation firm, look beyond name recognition. The most important factors are track record, recovery amounts, and whether the firm has the resources to take complex cases to trial if necessary. 

What to look for in a securities litigation firm: 

• Proven track record of meaningful recoveries — not just cases filed, but settlements and judgments secured 

• Experience taking cases through the full litigation lifecycle — through discovery, class certification, and into trial if needed 

• No upfront cost or fee if there is no recovery — standard for reputable securities plaintiff firms 

• Recognition in the field — peer-reviewed rankings, court appointments as Lead Counsel, and institutional track record 

• Accessibility and responsiveness — a firm that is easy to reach, communicates clearly, and keeps clients informed throughout the process 

Bronstein, Gewirtz & Grossman, LLC has spent nearly three decades recovering hundreds of millions of dollars for investors and is consistently recognized as one of the leading securities class action firms in the country. 

Frequently Asked Questions 

If I hire my own attorney, does that replace the class action? 

No. Hiring your own attorney does not remove you from the class action unless you formally opt out. Your attorney can help file your claim, monitor the litigation, advise on opting out, and help you seek Lead Plaintiff status — all while you remain a class member. 

Can I opt out and sue the company on my own? 

Yes. Opting out is rarely worthwhile for retail investors with modest losses, because individual litigation costs typically far exceed the incremental benefit over a class settlement share. For large institutional investors with substantial losses, opting out can be a strategic advantage — but only after careful analysis of expected individual recovery versus class recovery. 

What if I already missed the Lead Plaintiff deadline? 

You can still participate as an ordinary class member, file a claim, receive your settlement share, and object to settlement terms. The 60-day deadline only affects your ability to apply for the Lead Plaintiff role — it does not affect your eligibility for recovery.

How do I find out if a class action has been filed for a stock I own? 

Visit  bgandg.com/cases to check active investigations and recently filed cases. You can also sign up for BG&G’s portfolio monitoring service or set up Google Alerts for the company name plus “securities class action” to be notified of new filings automatically. 

Will I get less money if I don’t have my own attorney?

Not necessarily. As an ordinary class member, your recovery is determined by the plan of allocation — a court-approved formula based on your transaction history, not on whether you hired personal counsel. However, if your transactions are complex or your losses are large, an attorney can help ensure your claim is filed correctly and that you are receiving the maximum amount you are entitled to under the formula. 

What if I received a notice about a class action but I’m not sure I qualify? 

File a claim anyway. The settlement administrator reviews all submissions and rejects ineligible claims — there is no penalty for submitting a claim that turns out to be ineligible. If you are uncertain about your eligibility, a free consultation with a securities attorney can confirm your status in minutes. 

Is it too late to get an attorney if the case has already been going on for a while?

It depends on where the case is. If a settlement has not yet been reached, there may still be meaningful reasons to consult an attorney — including monitoring the case, evaluating opt-out options, or preparing an objection. If a settlement has already been approved and a claim deadline has been announced, the most urgent action is simply to file your claim form before the deadline, with or without counsel.

Get a Free Case Review from Bronstein, Gewirtz & Grossman, LLC

If you believe you have a securities or consumer claim, our attorneys can help — at no cost to you. 

Call 917-590-0911 or visit bgandg.com to submit your information for a free consultation.

Bronstein, Gewirtz & Grossman, LLC (BG&G) is a nationally recognized plaintiff’s law firm with nearly 30 years of experience representing investors and consumers in securities fraud and class action litigation. Ranked among the top securities class action firms in the country by ISS Securities Class Action Services, BG&G has recovered hundreds of millions of dollars for clients nationwide. The firm handles securities class action cases on a fully contingent basis.
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