What Percentage Does a Lawyer Get from a Car Accident Settlement?
A lawyer’s fees are an integral part of any car accident case. If you need legal services, you should have an open and honest discussion with your attorney about your financial situation before deciding on a payment arrangement. Whether you’re looking for help with a simple case or a complex one, you need an experienced car accident attorney.
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The amount of money you’ll receive in compensation for your injuries is dependent on the type of claim you’re filing. For example, if you were a passenger in an auto accident, you’re entitled to reimbursement for your medical costs. However, if you’re injured in a car wreck that involves an at-fault driver, you may not be able to collect any damages. This is because insurance companies are in the business of making money.
There are several ways your attorney can pay for your legal services, but the most common is through a contingency fee. This is a fee paid out of the settlement you receive from an at-fault party. In a typical car accident scenario, the at-fault party’s insurer will make a settlement offer.
The fee you’ll pay your lawyer will vary depending on the level of experience, your state, and the specifics of your case. Some attorneys charge a flat fee, while others charge a percentage of the amount of your settlement. While this is a good way to ensure that your lawyer is getting the most for your money, it can also put you in the dark about your legal expenses. It’s important to have an open line of communication with your lawyer to avoid a surprise bill at the end of the case.
A contingency fee, on the other hand, is a fee that the attorney does not get paid until he or she wins your case. Your lawyer will receive a percentage of your settlement, which is usually somewhere in the neighborhood of 30 percent.
In general, a contingency fee is not cheap. It does provide a lower-risk way to file a lawsuit. Although you’ll likely have to pay an attorney a hefty fee, it’s worth it for the reassurance it provides. Taking a case to trial will often cost thousands of dollars, but a contingency-based agreement lets you take the case to court without a hefty price tag.
There are other types of fees associated with car accidents, but the most obvious is the contingency fee. When your attorney successfully files a lawsuit against the at-fault driver, you’ll receive a check. That payment will cover the lawyer’s fees, your expenses, and a portion of your compensation. Depending on the case, you may even be able to negotiate a smaller amount of the settlement to save on legal expenses.
While most attorneys do not need to be paid upfront for their services, you’ll find that there are a few stipulations to any contingency-based deal. Your attorney might have to advance your medical expenses before issuing a settlement check. He or she might also require that you pay a small retainer upfront to ensure that you’re ready to begin pursuing your case.