(Newswire.net — March 31, 2022) —
If you have been in a vehicle accident that was the fault of another driver, you may be seeking out a competent and professional car accident lawyer to help you settle your case. But with the state of the world today, you’re probably wondering how much you’ll have to spend on a lawyer. What if you can’t afford an experienced attorney? Will that affect your case?
This article will cover everything you should know about the cost of a car accident lawyer, including contingency fees and other calculations you may not know about.
What Exactly Are Contingency Fees?
Most lawyers for personal injury, including car accidents, work on a contingency basis. That means you won’t have to pay a fee until they reach a settlement or win your case at trial.
Rather than billing for the time spent investigating, speaking with insurance firms, obtaining depositions, or keeping you updated on the status of your case, the charge is essentially just a percentage of your settlement or court granted sum. This is known as a “contingency fee.” As a result, personal injury lawyers will not collect their fee until you have agreed to a reasonable amount for your medical expenses, lost income, and other compensations.
It is always necessary to discuss the contingency fee with your lawyer and to thoroughly analyze your agreement for legal services. If you don’t understand everything in the fee arrangement outlined in the contract, contact your attorney and ask that they clarify it for you.
The cost, like everything else in a contract, is fairly adjustable. You might also try negotiating a smaller contingency rate if your case is cut and dry—such as an automobile accident where your losses are evident, the accused has sufficient insurance, and there is plenty of proof supporting your claims. You don’t have to throw away a big chunk of your payment just to have the power of an attorney on your side.
What Is the Percentage of Contingency?
The percentage of contingency fees can range from roughly 25 to 40 percent, with 33 percent being the national average. You could therefore have a contingency fee arrangement stating that your lawyer would earn the standard third of your award. Thus, if you obtain $100,000 for your injuries, your lawyer would make $33,330. If the opposing party refuses to settle the issue out of court and wins in court, you might owe next to nothing to your attorney. A third of zero is still zero.
Some states additionally offer tiered percentages based on the phases of your lawsuit. Assume, for example, that the other party resolves your lawsuit promptly, providing a fair amount soon after your attorney files suit. A state with this regulation may lower your percentage owed in order to match the amount of labor done by the attorney with the lawyer’s payment.
With this school of thought, you might as well employ the best of the best because you will have roughly the same contingency percentage with newer lawyers as with seasoned personal injury lawyers with an amazing track record of wins.
What About Additional Fees and Expenses?
If your case goes to trial, you may still be accountable for court expenses, varying based on the contract you sign. Other trial costs may be covered by you if the agreement you sign with your attorney permits it. You should thoroughly study and understand the terms of your contract.
For example, you may choose to exclude your lawyer from the “net settlement,” which is the amount remaining after all case expenses have been subtracted, irrespective of who paid them. If the lawyer you wish to engage states his or her fee would be deducted first from the entire settlement sum, inform him or her you will not accept those conditions. If the lawyer thinks this a deal-breaker, inform him or her you’ll locate another lawyer.
Is it Worth It to Hire a Car Accident Attorney?
The usual rule is that the more severe the damages, the more valuable it is to hire a lawyer. If you were in a minor bumper collision with few or no injuries, you could most likely obtain a personal injury settlement without the assistance of a lawyer.
But, if you were in an accident in which you were severely harmed and required extensive medical care, the potential value of your case will skyrocket. This essentially means that the insurance adjuster will strive to reduce your damages and persuade you to accept a very cheap settlement offer—after all, they are in the business of generating money, not spending it. In such a case, having a competent attorney on your team becomes critical.