When you work with our law firm you don’t have to come up with an expensive retainer, and you don’t have to worry about paying by the hour. That’s because personal injury lawyers work on contingency.
Yet we’ve encountered a lot of fear and nervousness out of our clients about working on retainer, and what it means. So we thought we’d take the time to explain them.
What is the actual contingency fee percentage?
It depends on your case, but it will be fairly set. The American Bar Association states that lawyers are ethically obligated to charge only reasonable fees. The Bar has accepted that fees of 30% to 40% are more than reasonable.
This percentage comes out of the settlement you win, and you usually come out ahead.
Would you get more money handling your case yourself?
Statistically the answer is no. Consider this study from Nolo.com.
“More than nine out of ten readers who had legal representation received a settlement or award, compared to about half those who proceeded on their own. Legal representation also made a big difference in the amount of personal injury payouts. Readers who hired a lawyer walked away with an average of $77,600 in compensation, compared to an average of $17,600 for those who handled their own injury claims. When we combine the survey results on compensation and attorney’s fees, it’s clear that readers who hired lawyers still came out far ahead. After deducting the average 32% contingency fee reported by our readers, they ended up with net payouts that were nearly three times higher, on average, than what unrepresented readers received.” –Nolo.com
In fact, involving a personal injury lawyer in your case early can make all the difference in the world. Those who do not tend to encounter insurance adjusters first, and those adjusters tend to lead them astray.
How are personal injury funds paid out?
Once the case has settled the check initially goes to your attorney. The attorney first pays out those who have a claim on the money, such as doctors, hospitals, and clinics you owe money to as a result of your accident. If another insurance company paid those bills but didn’t have to then the money goes to them first.
Next, your attorney pays out legal costs. This is not the same as their own contingency fee. This includes costs for investigation or expert witnesses.
The lawyer will then deduct their fee and send the rest on to you. Believe it or not you’ll still come out entirely ahead when that process is done, in most cases.
The bottom line? Don’t be afraid of contingency fees. They allow you to pursue justice without worrying about costs at all.
Instead, contact our office to get help with your personal injury case today. We’re ready to help you.