If you or someone you know has been injured in an accident, you may be wondering how much of a settlement you can expect to receive. And while every case is different, one thing that remains the same is that you will likely need to hire a personal injury attorney to help you through the process.
But what percentage do these lawyers typically take? It’s a common question and one that we will explore in this blog post. Read on to learn more about how personal injury attorneys work and how they get paid.
Why Do You Need an Attorney to Settle Out Your Claim?
Most people choose to settle their personal injury claim without the help of an attorney. However, there are many benefits to having an attorney on your side when settling a claim.
Here are a few reasons why you need an attorney to settle your claim:
1. An attorney can assess the value of your claim.
You may be entitled to more compensation than you realize. An experienced personal injury attorney will know how to calculate the full value of your claims, including both economic and non-economic damages.
2. An attorney can negotiate with the insurance company on your behalf.
Insurance companies are notoriously difficult to deal with, especially if you don’t have an attorney on your side. A good personal injury attorney will know how to negotiate with insurance companies in order to get you the best possible settlement for your claim.
3. An attorney can take your case to trial if necessary.
If the insurance company refuses to offer a fair settlement, then you may need to take your case to trial in order to get the compensation you deserve. Having an experienced trial lawyer on your side will increase your chances of success at trial.
How Personal Injury Attorneys Get Paid
Most personal injury attorneys work on a contingency fee basis. This means that they do not charge an upfront fee for their services. Instead, they receive a percentage of the settlement or jury award in the case. The typical contingency fee percentage is one-third of the total settlement or award.
So, if you receive a $30,000 settlement from the at-fault driver’s insurance company, your attorney would receive $10,000 (one-third of $30,000). If you go to trial and win a $60,000 jury verdict, your attorney would receive $20,000 (one-third of $60,000).
Some attorneys may charge an additional fee for expenses incurred during the case, such as court filing fees or the cost of obtaining medical records. These fees are typically deducted from the total settlement or award before the attorney’s contingency fee is calculated.
All Attorneys Are Not Created “Equal” in Regard to High-Level Representation of the Clients
There is a big difference between an attorney who simply dabbles in personal injury law and one who specializes in it. The latter will have a much better understanding of the complexities involved and will be able to provide higher-quality representation.
If you are serious about getting the best possible outcome for your case, you need to make sure you are working with a true personal injury specialist.
When to Hire a Personal Injury Attorney
There is no one-size-fits-all answer to the question of when to hire a personal injury attorney. The decision depends on many factors, including the severity of your injuries, and the amount of insurance coverage available. The complexity of your case, and your own comfort level with the legal process.
If you have been seriously injured in an accident. You will likely need an experienced attorney to help you navigate the claims process and recover the compensation you deserve. If your injuries are not severe and you are confident in your ability to deal with the insurance company on your own, you may not need to hire an attorney.
However, even if your injuries are not severe, there are some situations in which it may be in your best interests to hire an attorney. For example, if the at-fault driver is uninsured or underinsured, an attorney can help you recover damages from your own insurance company.
If you are unable to reach a fair settlement with the insurance company on your own, an attorney can negotiate on your behalf and take your case to court if necessary.
No matter what situation you find yourself in, it is always important to consult with an experienced personal injury attorney before making any decisions about your case.
Why Do Attorneys Charge Contingency Fees?
There are a number of reasons why attorneys charge contingency fees for personal injury cases. In many cases, the attorney is taking on a greater risk by only getting paid if they win the case. If the case is lost, the attorney does not get paid at all.
This arrangement gives the client some protection against paying large sums of money upfront and also allows attorneys to take on cases they may not otherwise be able to afford to pursue.
Another reason attorneys may charge contingency fees is that personal injury cases can be very time-consuming. By only getting paid if they win. Attorneys can ensure that they are compensated for the time and effort they put into the case.
Ultimately, the decision of whether or not to charge a contingency fee is up to the individual attorney. Some attorneys may feel that it is important to provide this type of arrangement for their clients. While others may prefer to charge an hourly rate.
How Is the Percentage Calculated for a Personal Injury Attorney’s Fees?
There are a couple of different ways that personal injury attorneys calculate their fees. The first way is by taking a percentage of the total amount of money that you are awarded in your settlement.
For example, if you are awarded $10,000 in your settlement, your attorney may take $1,500 as their fee.
The second way personal injury attorneys calculate their fees is by taking a percentage of the total amount of money that they are able to get for you in a settlement. For example, if your attorney is able to get you a $20,000 settlement, they may take $4,000 as their fee.
How Much Does the Attorney Get for a Contingency Fee of 35%?
The attorney will get 35% of the total amount awarded to the client. For example, if the client is awarded $100,000, the attorney will get $35,000.
Hiring an Experienced Attorney is the Key to Getting the Full Settlement You Deserve
Hiring an experienced personal injury attorney is the key to getting the full settlement you deserve.
Here are some things to keep in mind when looking for an attorney:
- Look for an attorney who has experience handling cases like yours.
- Ask for referrals from friends or family members who have used a personal injury attorney in the past.
- Do your research and read reviews of potential attorneys before making a decision.
- Make sure you are comfortable with the attorney you choose and that they make you feel confident about your case.