When negotiating a settlement, one should ask how much a lawyer takes. Generally, attorneys charge a percentage of the settlement, with an amount ranging from 45% to 60%. This percentage is justified by the services provided by the lawyer, and it increases your chances of winning. However, it is important to note that the lawyer's work is far from the long and tedious dramas found on law TV and legal reality shows.
For example, if one party admits fault, the other party may dispute the amount of compensation. In these cases, the lawyer can charge up to 33 1/3 percent of the first $1 million, or 20 percent for compensation between $1 million and $2 million. In cases of more than $2 million, the lawyer can charge up to 15 percent of the total settlement amount. The attorney can charge less than five percent of the settlement if he or she helps you collect the compensation.
While most attorneys charge a percentage of the recovery, some may require a different percentage based on the type of case. For example, a lawyer may charge a lower percentage if the claim settles quickly and a settlement is reached within a couple of weeks. In addition, attorneys may have to spend months trying to win a lawsuit, which requires more time. Ultimately, however, a good attorney will prepare you for trial.
If you do receive a settlement, the lawyer will send you a check to cover his or her fees. Your lawyer will contact you when the check arrives. He or she will list all of the deductions and give you an itemized breakdown. If there are any discrepancies, you can dispute them. If you do not win the settlement, your lawyer will place the money in a trust account until the issues have been resolved.
While a personal injury attorney works on a contingency fee basis, this means they only get paid if they win. A $10,000 settlement, for instance, would mean a $3333 payment to the lawyer, which leaves you with $6667 for yourself. Unlike a lawsuit in which the lawyer takes a percentage of the settlement, the fees won't prevent you from getting medical care or covering your bills. Moreover, hiring an attorney increases your chances of receiving a higher settlement offer.
Apart from the fees, you should also pay attention to the costs of the lawsuit. These expenses include bills, medical records, and police reports. You should also check out the insurance company's past claims history, as well as any criminal background check. Additionally, you may have to pay for certified mail, copying, and expert witness fees. These expenses can quickly add up to hundreds of dollars. If the case is complex, the lawyer will charge more.
The average fee for a personal injury lawyer will depend on the complexity of the case. A case involving a simple slip and fall will cost less than a medical malpractice or cerebral palsy lawsuit. In the first case, your attorney will charge approximately 33% of the settlement. Typically, personal injury attorneys will charge 25 to 40% of the settlement amount. But this percentage will depend on a number of factors.