When trying to determining whether or not you should file a personal injury claim, assessing whether or not it is affordable is usually a major factor. Thankfully, many personal injury attorneys often will not require payment upfront. This is a benefit to many as it can be unrealistic to pay an attorney if one has suffered financially as the result of a personal injury. An attorney will likely collect a certain amount of the claimant’s settlement, known as a contingency fee. This can be risky for an attorney in the event that they do not win the case.
What Percentage will My Attorney Take?
On average, an attorney will take around 33% of compensation that is awarded to their client. Depending on the experience of the attorney, fees can vary. The region you are located can also have an impact on the amount an attorney will charge. Going to trial can be a long, drawn out process, because of this, an attorney may require more of the compensation. In most cases, the fee will usually change to around 40%. In most cases, clients can be assured that their lawsuit does not see a courtroom, as the majority of personal injury cases are settled out of court.
What Exactly is a Contingency Fee?
When is comes to personal injury, attorneys often do not collect their payment until you have been awarded your settlement. As stated above, it is common practice for a personal injury attorney to collect around a third of the settlement that is awarded. This fee is usually agreed upon at your initial meeting with the attorney-client relationship is established. You will often seal the agreement by signing a document that outlines the when they will require payment and how much of the settlement they are looking for.
There may be additional fees that you are required to pay. If your case required the testimony of an expert witness such as a doctor or psychologist or expenses from the discovery process, you will likely have to pay for those as well. Your attorney will foot the bill for this initially, however, in the event that the case is won, you will be required to pay them for this expense.
When you have suffered injuries, you have probably been impacted financially, from missed work and lost wages to unexpected medical expenses. The idea of pursuing a settlement would be unrealistic for many without an attorney who operates with contingency fees. If an accident has left you with injuries, an experienced personal injury attorney can protect your interests and help get you the compensation you deserve.
Thanks to authors at Injury in Idaho for their insight into Personal Injury Law.