While it’s good to hire a personal injury attorney, it’s important to find out how much it will cost you. This way, you’ll have a clear picture of whether your case is worth fighting for or not. If the case expenses, plus the attorney’s fees are more than the claim settlement you’re looking to get, then that case isn’t worth fighting for.
On the other hand, if the math is good, and the attorney says you have a strong case, it’s worth hiring an attorney. If you are worried about how much it will cost you, keep on reading!
How much can a personal injury attorney ask for?
The good news about Personal injury attorneys is that most of them work on a contingency basis – an attorney takes a percentage of the settlement amount if you win. If you lose, you won’t have to pay the attorney a penny – please consult your attorney if you will be responsible for any costs if you lose.
What it means by contingency is that if your compensation is worth $100,000, if you win the case, the lawyer will take a percentage of the $100,000.
What’s the typical contingency fee?
A typical contingency fee of a personal injury attorney ranges between 25% and 40%. If your attorney asks for a 25% fee, it means that once your claim is settled, the attorney will take home 25% of $100,000, which is equivalent to $25,000, leaving you with $75,000.
It’s also worth noting that the fees may be less or greater based on a few factors. For instance, if the case is complex, it means that the attorney will need to invest deeply in terms of time and resources. Such an attorney has the right to ask for a larger compensation.
In most cases, an attorney bases the contingency fee on the period of time the case may take to settle. For instance, an attorney may give you three different fee possibilities, for example;
- 25% fee if the case settles with before filing for a lawsuit. If your compensation is $100,000, your attorney will take $25,000.
- 33% if you file a lawsuit, and the case is resolved before trial. Here the attorney will take home – $33,000
- 40% if your case goes to trial -Here the attorney gets – $40,000
It’s always important to discuss with your attorney about the contingency fees and other case expenses before signing a contract. If you don’t understand the fee agreement, don’t sign the contract until everything is made clear, and you are comfortable with the conditions given.
Case and Court expensive
It’s worth noting that lawsuits are expensive. While you don’t have to pay your attorney a penny unless you win, you may need to pay for other case expenses such as;
- Filling fees
- Expert witness fees
- Postage and copying charges
- Police reports
- Medical records
- Trial exhibits
And more! The expenses that you’ll incur majorly depend on the complexity and length of the case. The costs will continue to increase as the case drags on. Some attorneys may require you to pay for the expenses monthly, while others may keep track of the costs and deduct from the claim settlement.
Back to our example, if your claim compensation is $100,000, and you pay your lawyer a contingency fee of 33% and pay for expenses worth $10, 000 expenses, you will take home $100,000 – $33,000 – $10,00, which equals to $57,000.
If you are troubled about how much a personal injury case will cost you, talk to your attorney ahead of time, and find out if your case is worth the fight.…