Understanding the financial aspects of hiring a personal injury attorney can sometimes be as daunting as dealing with the legal case itself. However, it’s crucial to understand how these legal fees work to ensure transparency and avoid surprises down the line.
Personal injury attorneys typically operate on what is known as a contingency fee basis. This means that they only get paid if they successfully win or settle your case. The primary advantage of this system is that it allows individuals who may not have upfront funds to seek justice and compensation for their injuries.
The percentage taken by an attorney in a contingency fee agreement varies but generally ranges from 25% to 40%. If you win your case, the attorney will take their agreed-upon percentage from the final settlement or court award. For instance, if you receive a $100,000 settlement and your lawyer has agreed to a 30% contingency fee, then they would receive $30,000.
However, it’s important to note that additional costs may also apply during the course of your lawsuit. These could include court filing fees, charges for obtaining medical records or police reports, expert witness fees, deposition costs and more. Some lawyers might deduct these expenses from your settlement amount after taking their contingency fee while others might calculate these expenses before determining their share.
Moreover, some attorneys operate on what is known as a sliding scale. This means that the percentage they take depends on at which stage in proceedings your case gets resolved. If settled before going to trial or filing a lawsuit then lower fees might apply but if it goes all way through trial then higher rates are charged due to increased work involved.
It’s also worth noting that should you lose your case under a contingency agreement; generally speaking you won’t owe any attorney’s fees at all – although other legal costs like court filings or expert witnesses may still need covering depending upon terms of agreement.
In conclusion understanding how personal injury attorneys get paid is vital when considering legal representation. Always ensure to discuss and agree upon fee structure before hiring an attorney. Be sure to ask about any potential additional costs, how they are calculated, and when they will be due. This way, you can make the best decision for your situation and avoid any unexpected financial burdens down the line. Remember that a good attorney will always be transparent about their fees and willing to answer any questions you may have regarding this matter.
Munley Law Personal Injury Attorneys
1617 John F Kennedy Blvd #1690, Philadelphia, PA 19103
12155157747