Posted on Friday, May 24th, 2024 at 9:00 am
If you suffered injuries in an accident that wasn’t your fault, consider hiring a personal injury attorney to help you pursue compensation. After all, the medical bills are piling up, you’re missing work, and the insurance company keeps pressuring you to settle for less than you deserve. Don’t know how much do attorneys take from settlement? An experienced lawyer can fight for the full value of your claim.
But there’s one big question holding you back: How much will hiring a personal injury attorney cost? At London Harker Injury Law, our Provo and Sandy personal injury lawyers know the last thing you need after a serious accident is another hefty bill.
The Contingency Fee Model
How much do attorneys take from settlement? Most people assume hiring a lawyer is prohibitively expensive and that lawyers cost a lot. If the case goes to trial, some law firms charge high acceptance fees. They picture hefty hourly rates and big retainers that can quickly drain their bank accounts. But in personal injury law, that’s rarely how attorneys get paid.
Instead, most reputable injury firms – including London Harker Injury Law – work on a contingency fee agreement. In this type of agreement, you don’t pay your lawyer anything upfront or out of pocket. You only owe attorney’s fees if and when your case yields a successful result, like an insurance settlement or an award from the court. If your attorney doesn’t secure compensation for you, you don’t pay them a cent.
Here’s how a typical contingency fee arrangement works:
- You sign an agreement with your attorney that specifies their contingency fee percentage. This is usually between 33-45% of your total recovery, depending on the complexity of your case.
- Your lawyer fronts all the costs associated with pursuing your claim. This includes court filing fees, investigation expenses, expert witness fees, court reporter fees, and medical record retrieval costs.
- If your case is resolved successfully and the juries award attorney fees, your attorney will take their fee. This fee comprises the agreed-upon percentage of your total recovery, plus reimbursement for the costs they advanced.
- If your case doesn’t yield a recovery, you owe your lawyer nothing.
A contingency fee model allows you to hire skilled legal counsel with no money down and no risk. It also motivates your attorney to fight for maximum compensation since their fee is tied directly to your financial recovery.
What Percentage Does a Lawyer Get in a Settlement Case?
What contingency fee percentage is typical, and what factors influence that rate? How much do attorneys take from settlement? The average contingency fee for a personal injury claim is around 33% or one-third of the total recovery.
However, contingency fee percentages aren’t one-size-fits-all. Several factors can cause that percentage to fluctuate, such as:
- Case Complexity: Straightforward cases likely to settle quickly may have a lower contingency rate, while more complicated or contentious claims may require a higher percentage. For example, a simple slip-and-fall claim against a cooperative insurance adjuster and company could carry a 33% fee. In comparison, a medical malpractice case that requires extensive litigation might have a 40-45% rate.
- Trial Potential: Many attorneys will structure their contingency fees on a sliding scale based on how far your case progresses. You might pay a 33% fee if your case settles before a lawsuit gets filed, 40% if you settle after litigation begins, and 45% if you win at trial. These increasing rates reflect the added work and risk at each process stage.
- Firm Experience and Reputation: Lawyers with a long track record of success and a strong reputation in the legal community may charge higher contingency fees than less established attorneys. However, that added cost often translates into a more efficient case process and higher-dollar results.
What About the Cost of Hiring a Personal Injury Lawyer?
How much do attorneys take from settlement? Many injury victims assume that they can’t afford to hire a personal injury attorney, especially when they’re already drowning in medical debt and other accident-related losses. However, the contingency fee model makes it possible to secure quality representation with no upfront investment. What is the cost of hiring a personal injury attorney?
At London Harker Injury Law, we believe that no one should have to sacrifice their legal rights due to financial constraints. That’s why we only charge our clients if and when we deliver results. We’re willing to carry the costs and shoulder the risks of your case so you can focus on your physical recovery.
Injury victims rarely have the resources to pay for legal services out of pocket, especially in the aftermath of a catastrophic accident. Contingency fees have emerged as the industry standard because they align the interests of lawyers and clients.
The Benefits of Contingency Fees
We’ve covered how contingency fees work in personal injury cases. But what are the tangible benefits of this payment model for accident victims? Here are a few key advantages of these legal fees :
- Improved Access to Justice: Contingency fees allow anyone to hire a skilled injury attorney, regardless of income or assets. You don’t need a trust fund or a big bank account to pursue compensation – just a strong case.
- Shared Risk: When an attorney accepts your case on contingency, they take a calculated gamble. If they don’t secure a settlement or win at trial, they don’t get paid and lose the money they advanced for case expenses. This arrangement shifts much of the risk away from the client and incentivizes lawyers to be selective about their cases.
- Motivated Advocates: Since their fee is directly proportional to your financial recovery, contingency lawyers are motivated to pursue maximum compensation on your behalf. The better your result, the better their paycheck. You can trust that your attorney will pull out all the stops to deliver the highest-dollar outcome possible.
- No-Risk Representation: In a typical attorney-client relationship, the client pays for legal services whether they win or lose. But with a contingency fee, you only pay if you achieve a successful result. If your case falls flat, you can walk away without owing your lawyer anything.
Do You Need a Personal Injury Lawyer?
Still unsure of how much do attorneys take from settlement? At London Harker Injury Law, we aim to level the playing field between accident victims and well-funded insurance companies. Our law firm can handle every aspect of your claim – from investigating the accident to negotiating with adjusters to litigating your case in court if needed – all work on a contingency fee basis.
If you recently sustained injuries in an accident through no fault, please don’t hesitate to contact London Harker Injury Law and schedule a free consultation for your case. You can reach us anytime by calling 77CARCRASH or completing our online form. Remember, you’ll only pay us if we put money in your pocket first. You have nothing to lose and potentially much to gain.
