Many people who sustain injuries caused by a negligent party fail to find an attorney to help them receive compensation. In these instances, victims believe that it is too expensive to hire a lawyer and they do not have the funds to pay for the legal fees. Many wonder, how much does a lawyer take from a settlement? Many personal injury attorneys operate on a contingency fee basis, taking an agreed-upon percentage of the final settlement as payment and refraining from collecting legal fees if they do not protect one.
What Is a Contingency Fee?
Most often, a personal injury lawyer will charge you a contingency fee. A contingency fee is a fixed percentage fee agreed upon by the client and the lawyer before participating in the case or settlement negotiation. The percentage is taken from the final settlement amount, not before financial compensation is reached. Contingency fees are agreed to under a written contract signed by the client and law firm.
The final settlement amount will be decided by the court or through an agreement signed by both parties. There is no standard settlement, as each case is unique. Whatever the amount is, your lawyer will charge you on a contingency fee basis. This means they will take a set percentage of your compensation, usually one third or 33.3%.
There are rare circumstances where a free case is agreed to by the representing attorneys. This is known as a pro bono case. That being said, this only usually occurs for humanitarian or very prominent cases in which the lawyer can earn a reputation for handling your claim.
What Other Costs and Expenses Could Occur?
Sometimes, your personal injury lawyer may cover costs and expenses associated with your claim before you reach a settlement and deduct these expenses from your portion. These costs may include filing fees and record requests necessary for the successful outcome of your claim.
- Medical records
- Depositions and trial exhibits
- Shipping costs
- Filing fees
- Investigators and expert witness fees
- Police reports
How Do Lawyers Collect Payment?
At the end of your personal injury claims process, you will not get your check directly. It is common practice for the court to send your settlement check to your attorney. This process ensures that you maintain your end of the agreement and compensate your attorney for their services. The lawyer will deduct his or her fees and expenses from the amount and send the remaining settlement directly to you.
Why Do Personal Injury Attorneys Impose a Contingency Fee?
Having a personal injury lawyer on your side will make a big difference in your claims process. A lawyer will file your claim and conduct a comprehensive investigation on your behalf so that you can focus on recovery, not paperwork. Your lawyer also has the experience and training necessary to craft a compelling, evidence-supported case for you.
Without contingency fee agreements, hiring a lawyer will not be an option for a lot of people. Legal fees can be pretty expensive without extra support. With contingency fee agreements, you can get counsel for your personal injury case and increase your chances at obtaining compensatory damages at a much lower risk. Additionally, contingency fees significantly decrease your out-of-pocket costs.
Contingency fee agreements also offer an incentive for attorneys to fight for your case as best as they possibly can. If your lawyer does not obtain a settlement on your behalf, he or she does not get payment. With a contingency fee agreement, you can hold your lawyer responsible to the best of their legal ability.
If you sustain injuries due to an accident that was not your fault, hiring a Dunk Law Firm can be an affordable way to pursue the maximum optimal compensation.
