How Much Does a Lawyer Get on a Settlement?
Updated: Feb 24, 2022
Those who have been injured or have suffered emotional and physical pain and suffering because of someone else's negligence may be wondering what costs are associated with hiring an attorney.
Contingency fee agreements make it easier for St. Louis residents to seek compensatory injuries, and damages incurred in personal injury cases. If the victim does not receive a settlement, they are not held liable for legal fees.
However, if they receive a settlement amount successfully, the lawyer receives payment as a percentage of the final settlement amount that both parties have agreed upon.
Most contingency fees are around 33 to 40 percent of the final settlement figure, with the average being 33 percent. This percentage is negotiated with the lawyer ahead of time. In certain circumstances, some may receive a reduction in the contingency fee.
Why Do Lawyers Charge a Contingency Fee?
Employing the help of an experienced personal injury lawyer can have a significant difference in the outcome of a personal injury claim. An attorney files cases, and conducts thorough investigations on behalf of their clients, allowing them to focus on recovery rather than paperwork.
A lawyer also has the necessary experience and training to build a compelling, evidence-based case on their client's behalf. Many people are unable to hire a lawyer if contingency fee agreements are not in place.
Without assistance in the form of a contingency agreement, legal fees can be significant. Victims of accidents can get legal representation and increase their chances of receiving compensation for losses incurred with contingency fee agreements at a much lower risk.
Furthermore, contingency fees dramatically reduce out-of-pocket expenses for people already struggling under financial strain due to the accident. Contingency fee arrangements also provide an incentive for lawyers to win a case.
If an attorney does not obtain a settlement on their client's behalf, he or she does not receive payment for the work done. A contingency fee agreement can hold a lawyer accountable to do their best to win a case and attain the highest possible settlement amount for their clients.
Other Associated Costs
In a few cases, a personal injury lawyer may cover costs and expenses associated with a case before settling. To recover these expenses, a lawyer often deducts these costs from the complainant's share of the settlement.
These expenses may include fees associated with filing the claim or record requests required for the successful conclusion of the case. Not all lawyers charge their clients for these expenses, and those who do must inform clients of their plans ahead of time.
Once the legal process is complete, the lawyer may be entitled to 45 to 60 percent of the final settlement amount. These costs, however, vary from one case to another, and the different St Louis personal injury laws.
How Lawyers Collect Payment from Clients
Clients do not receive their settlement checks directly once a settlement agreement has been reached. The court usually sends these settlement checks to the legal representative.
This procedure ensures that clients keep to their end of the bargain and provide the attorney the amount agreed upon. The lawyer deducts the due fees and expenses from the settlement amount and sends the remainder to their clients directly.
How Long Can a Lawyer Hold a Settlement Check?
When a final settlement sum is agreed upon in a case, the check is usually sent to the plaintiff's lawyer. The funds are then typically held in an escrow or trust account until they are cleared by a bank, which typically takes anywhere between three to ten business days.
However, if the lawyer is arguing that medical costs should be covered by the settlement, it may take longer to receive the compensation. Lawyers should be able to give victims an idea of how long it should take for them to receive compensation.
Contact Powell Law Firm
Powell Law Firm is ready to take on all personal injury claims. With decades of experience in the field, Kenneth Powell can help victims get the compensation they deserve. Contact Powell Law Firm for a free consultation today!