How Do Personal Injury Attorneys Get Paid?
Personal injury cases involve medical records analysis and other formalities that carry expenses. This blog discusses how personal injury lawyers get paid.
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Personal injury cases can be complex and it is best for injured victims to consult a good lawyer to have a better chance of winning a fair compensation. Processes such as medical records analysis help evaluate the injuries sustained and the feasibility of the case. While people are aware of the importance of having legal support, concerns regarding attorney fees and how it is to be paid bother them. Personal injury cases are typically settled out of court or won in court. Personal injury lawyers may charge a contingency fee for the majority of cases. In this type of fee arrangement, the fee is paid only if the case is successful. If the lawyer wins the case, he/she will take a percentage, i.e. around 33% of the amount recovered from a settlement or court judgment after trial (according to the New York City Bar Association). This percentage may vary with case type, state, and individual attorneys. If no money is recovered from a settlement or judgment, the client doesn’t have to pay any fees to the lawyer. The fee structure depends on whether the lawyer is representing the plaintiff or the defendant. Before signing a contract with the attorney, clients should always discuss the fee arrangement with the attorney. Typically, the settlement check is sent to the lawyer. This ensures that the lawyer receives the fees for the legal services provided. The lawyer will contact the client when the settlement check is received, and mention the amount that he/she will be deducting from the check to cover fees and expenses. In case the client disputes certain charges, the lawyer is required to place the disputed amount in a trust account and send the undisputed amount to the client. Fees are the charges for the lawyer’s time. Expenses include out-of-pocket expenses lawyers pay in the course of the case, and the fees and expenses are deducted from the settlement amount received. In most cases, attorney’s fees are calculated on the basis of the total settlement, and then the costs are taken off after fees are deducted. Some lawyers may charge for expenses as they become due. So, it is important for the client to discuss everything about fees and potential expenses with the personal injury attorney during the initial consultation itself. What are the costs and expenses in a personal injury case? These may include the following:
Court costs including filing and deposition fees
Fees to be paid to expert witnesses and investigators
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Trial exhibit preparation
Legal research costs
Costs associated with medical records and police reports
Copying, fax, postage and other office expenses
Travel costs
Here are some facts about lawyers’ fees:
The fees may vary with different lawyers, with some lawyers charging lower fees. Lower fees could signify a less experienced lawyer, and higher percentage fee may be better if the attorney obtains a higher settlement or verdict.
Some lawyers may charge a tiered contingency fee that is based on how far a case goes before concluding. If the case is settled before a lawsuit is filed, the contingency fee is lower than if the case goes to trial or beyond.
Most personal injury lawyers do not charge an hourly fee for their time. Many lawyers will agree to accept a personal injury case on an hourly basis but in this case the client must have ready cash in hand. This could be expensive, which makes contingency fee arrangements a more feasible option.
A personal injury lawsuit could be expensive but skilled attorneys can obtain the maximum compensation for their clients. They hire the services of companies providing medical chart reviews to ensure that they understand the medical aspects of the case and prepare the case well. Since most plaintiff attorneys work on a contingency basis, their fees is extracted from the amount paid by the defendant to settle the case or the amount the defendant is ordered to pay by the court following a trial. Defendant attorneys are usually chosen and paid for by the insurance company, if a liability insurance policy applies to the underlying accident in an injury case. If there is no insurance policy to cover the underlying accident, the defendant will be required to pay out of pocket for an attorney’s services.
www.mosmedicalrecordreview.com
918-221-7791