Ryan Bradley | December 5, 2023 | Personal Injury
Navigating the aftermath of a personal injury can be overwhelming. Pursuing legal action while recovering and managing life takes a lot of energy. You may wonder if making a claim and seeking just compensation is worthwhile.
Understanding the potential costs of legal action is the best place to start. Let’s review the percentage lawyers typically take in personal injury cases and why this payment structure can benefit you.
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Different Fee Structures Used by Lawyers in the United States
Lawyers may use various fee structures, depending on the type of law they practice – among other factors. Let’s quickly review some of the payment structures you may encounter.
Hourly Rates
Some lawyers charge for every hour they work on your case. This method can be more predictable in terms of cost, but it may become expensive if the case is lengthy and there are other out-of-pocket expenses.
Flat Fees
This structure involves a set fee for the lawyer’s services, regardless of the case outcome. It’s more common in more uncomplicated legal matters.
The Contingency Fee
In personal injury law, a contingency fee is the payment method almost always used for legal services. This payment structure depends on the successful resolution of your case.
This means the lawyer’s payment is “contingent” upon you receiving a settlement or court award. Let’s say an attorney agrees to a contingency fee of 30%. If they win their client a settlement of $100,000, the attorney’s fee would be $30,000.
No legal fees are owed if your case does not achieve a favorable outcome. This arrangement aligns the lawyer’s financial interest with your success.
The Deeper Benefits of Contingency Fee Arrangements
Contingency fee arrangements in personal injury law are crafted to benefit the client and the lawyer. Let’s delve into why this fee structure is beneficial.
Alignment of Interests
Lawyers work hard and want to win cases. Working on a contingency fee basis links their motivation to the success of your case. This ensures they are invested in achieving your highest possible compensation.
Their professional reward is directly tied to your victory. This fosters a powerful partnership focused on a common goal.
Financial Accessibility
This payment model opens doors for individuals who might otherwise be unable to afford legal representation. This can be due to diminished earning capacity or lack of savings.
It ensures that access to justice isn’t limited to those with the financial means to pay lawyers upfront, democratizing legal support and offering everyone a fair chance to pursue their rights.
Reduced Financial Risk
The contingency fee model is particularly reassuring as it removes the anxiety of potentially owing hefty attorney fees, especially if negotiations and the case do not result in a favorable outcome.
This feature offers clients significant peace of mind, knowing they won’t be burdened with additional financial strain in case of an unsuccessful claim.
Encouraging Efficiency
Lawyers working under this arrangement naturally tend to handle cases efficiently and effectively. It’s in their best interest to resolve cases promptly and successfully.
Contingency fee arrangements offer a balanced and fair approach to legal representation. This mutually beneficial setup is a cornerstone of equitable legal practice, ensuring that justice is accessible and efficiently served.
Contingency Fee Amounts
In personal injury law, pinpointing an exact percentage can be challenging. Personal injury lawyers reasonably charge around 33% to 40% of the total settlement or award as their fee. It’s important to understand that this is not a fixed rate and can vary based on several factors.
The complexity of the case influences the percentage taken as a contingency fee. For instance, the estimated time and resources required to resolve it, and/or the stage at which the case is settled or adjudicated can play a role.
Quickly settled cases might incur a lower fee percentage. This is true when thinking of an alternative case that requires extensive litigation and reaches trial. The terms agreed upon between the lawyer and the client can also affect the final percentage.
It’s difficult to state a definitive percentage applicable to all personal injury cases. Each case is unique, and the contingency fee reflects that individuality, aligning the lawyer’s compensation with the specifics and demands of the case.
It’s best to contact a personal injury lawyer and conduct a free consultation to determine how much your case is worth.
The Importance of Choosing the Right Lawyer
Selecting the appropriate legal representation is crucial in personal injury cases. The right lawyer can significantly influence the outcome of your case, holding liable parties accountable.
We offer a no-obligation, free-of-charge meeting, which allows you to understand your legal options and how our team can support you.
Contact Our Personal Injury Law Firm For Help Today
For more information, please contact Bradley Law Personal Injury Lawyers at your nearest location to schedule a free case evaluation today.
St. Louis Office
1430 Washington Ave Suite #226
St. Louis, MO 63103
(314) 400-0000
Kansas City Office
1509 NE Parvin Rd, Suite A.
Kansas City, MO 64116
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1201 Bellevue Ave
Richmond Heights, MO 63117
(314) 207-4399
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