Do Lawyers Get a Percentage of Settlement?
Suppose you are severely injured because of someone’s negligent behavior. Then, you have been in the hospital for a few days, and your doctor advised you to stay for more weeks. Your medical bills are also piling up, and you can’t go to work.
What are you going to do now, you may ask. Filing a claim against the at-fault person’s insurance company will be of great help. The process, however, is tricky and complex that you cannot deal with on your own. Luckily, there are personal injury lawyers that you can hire.
But how much does it cost to hire a personal injury legal counsel? Do lawyers get a percentage of settlement? These are a few questions that will cross your mind, and this guide got your back.
What is a Contingency Fee?
Most personal injury lawyers usually charge their clients with a contingency fee. It is a fixed percentage fee that the legal counsel and client agree on before the court case or settlement negotiation starts.
Each personal injury case is unique. That’s why there is no average settlement for a victim. But a St Louis semi accident lawyer will typically charge 33% of the settlement. Sometimes, it reaches up to 40%. It rarely happens, though.
What if the plaintiff does not win the claim? Will the personal injury lawyer charge the contingency fee? Unfortunately, it is not possible. An attorney will only get the 33% when the case is successful. This is the reason legal counsels exert their effort to win a case.
Are there Other Costs That Your Attorney May Ask?
Yes, there are other expenses personal injury lawyers may ask. These may include medical records, trial exhibits, police reports, transcripts, expert witness fees, depositions, postage, and filing fees.
Let’s say you settle your personal injury case for $35,000. Then, the expenses of your legal counsel are around $5,000 aside from the $10,500 contingency fees. All in all, your lawyer will receive $15,500. So, you still have $19,500 to cover your medical bills, lost wages, and other expenses you sustained due to your injuries.
How Much Can You Expect From a Settlement
Calculating a settlement for a personal injury case is a daunting task, which requires the professional expertise of a lawyer.
Typically, most attorneys use the per diem approach or the multiplier method to calculate settlement, which you should also know as a client.
The per diem approach is where legal specialists calculate the damages based on a person’s quantifiable losses every day.
Suppose your lost wage for a day is around $100. Then, you were not able to work for 60 working days. Therefore, your claim would be $6,000.
On the other hand, the multiplier method is where your attorney argues that your compensation should be quantified according to the severity of your injury, which is usually performed on a scale of 1 to 5.
Let’s say you pay $10,000 for your neck injury, and your lost wage is $3,000. So, your total expenses will be $13,000.
Apart from the injury, you will also experience physical pain, lose your chance to enjoy life, have long-term medical bills to pay, and lose your regular source of income. Suppose you divide that $13,000 to 4, your settlement would be $52,000. That’s massive. So, do not be surprised when the defendant’s legal team argues for less settlement.
Will You or Your Lawyer Receive the Settlement Check?
Congratulations. Your claim is successful. But who will receive the settlement check? It’s a common practice in the US that the check is sent to the personal injury lawyers to ensure that they get paid for their services.
When your attorneys receive the settlement check, they will contact you, of course. They will also provide you with the list they deduct from your money. If there are some costs you disagree with, you can dispute certain expenses.
This disputed amount will be stored in a trust account for quite some time. But once the issue is resolved, it will be sent to you as early as possible.
There you have it! If you have been looking for an experienced and reliable lawyer without a good result, you came to the right place. Contact us now for further information.