If you have been injured or suffered pain and suffering as a result of negligent behavior, you may be wondering how much it costs to hire a lawyer. An experienced attorney will usually take a standard percentage of any final settlement amount. This will include all of the court costs and fees associated with your court case or insurance settlement.
Contact The Law place today to find out our fee structure and see how much it costs to enlist the aid of our lawyers. Our team of qualified pain and suffering attorneys have the combined experience of 75 years and work together on every case, ensuring a thorough and varied approach to the individual needs of your lawsuit.
Schedule your free consultation with a qualified Tampa personal injury lawyer today. Our lines are open 24/7, and we are always available to take your call.
Contact The Law Place now on (941) 444-4444.
What Is a Contingency Fee?
Most often, a personal injury lawyer will charge you a contingency fee. A contingency fee is a fixed percentage fee agreed upon by the client and the attorney before engaging in the court case or settlement negotiation. The percentage is taken from the final settlement amount, not before financial compensation is reached. Contingency fees are contracted under a written agreement signed by the client and law firm.
The final settlement amount will be determined by the court or through an agreement signed by both parties. There is no average settlement, as each case is unique. Whatever the amount is, your law firm will charge you on a contingency fee basis. This means they will take a set percentage of your recovery, typically one third or 33.3%.
There are rare instances where a free case is agreed to by the representing lawyers. This is known as a pro bono case. However, this only usually happens for humanitarian or very high-profile cases in which the attorney can gain a reputation for handling your lawsuit.
At The Law Place, we use a contingency fee to determine the costs of your legal advice. We don’t get paid until you do. Our fee structure is explained in detail to you during your free consultation. All contingency fee structuring is monitored by the Florida State Bar Associations.
How Much Should I Expect From a Settlement?
In Florida, calculating pain and suffering settlements can be a complex task almost exclusively suited to the skills of a lawyer. General damages are tough to quantify, let alone qualify, in the eyes of the court. Your attorney must argue that something like depression or anxiety deserves a measured amount of compensation.
Your settlement amount will be derived from these calculations and determined by the court or arbitration. Many attorneys will rely on the “multiplier method” or the “per diem” approach to calculate their argument for your personal injury settlement.
Multiplier Method
In the process of arguing your personal injury or car accident case, your attorney may argue that the compensation you are entitled to should be quantified in relation to the severity of your injury. This is typically done on a scale of one to five.
For example, if you or your insurance pays $10,000 for a severe neck injury and you lost $2,000 from being unable to work, your total cost would be $12,000. Add in the fact that you suffered great physical pain and couldn’t perform your household duties, and your multiplier would be four. Factoring in medical bills, loss of income, physical pain, and loss of quality of life, your lawyer would argue for $48,000 ($12,000 x 4) in pain and suffering damages. The court or opposing legal team may argue for less, but this provides a valuable benchmark for evaluating the pain and suffering damages of your personal injury claim.
Per Diem Method
The per diem, or “per day,” method is a way of calculating your damages based on your quantifiable losses per day. For example, if your lawyer argues that your daily lost wages equal $200 and you have been unable to work for a period of 90 working days, your damages claim would come to $18,000. You must provide legally valid reasoning for coming to this figure.
Although this method is easier when arguing for lost income due to your pain and suffering, it may not be in your best interest if you have experienced a long-term traumatic injury. If you haven’t been able to work for a longer period of time because of your accident, you may not be able to claim damages that accurately fit the anguish you have experienced.
It is important to have a lawyer on your side when determining the methodology of your injury claim. Legalese is hard to decipher, and an experienced personal injury attorney can help you figure out your best course of action.
Using the multiplier, per diem, or another method of calculating pain and suffering should be decided upon by you and your attorney. Whatever agreement you come to should best fit your needs after the accident and the strengths of your personal injury case. All fees will end up being deducted from these calculations after settlement, so it is essential to pick the right strategy for your recovery.
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How Long Can a Lawyer Hold a Settlement Check?
After a final settlement amount is reached in a case, the check will typically be sent to the lawyer on record for the plaintiff. The money will then usually be held in a trust or escrow account until it can be cleared by the banks, which usually takes three to ten business days for a larger sum.
However, if the attorney is arguing medical bills or liens to be covered by the settlement, this may take a longer time. You should always discuss with your attorney how long your check will take to arrive in your account and the reasons why.
All the attorney’s fees, contingency or hourly, will be deducted before you receive your settlement.
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Do Lawyers Give Advances on Settlements?
According to the American Bar Association, lawyers are not allowed to give advances on settlements before a lawsuit has been determined. This prevents conflict of interest and arguments stemming from legal fees leveled against settlement amounts and advance interest percentages.
However, there are private companies that provide pre-settlement loans. The Law Place advises you to exercise extreme caution when dealing with these loan providers, as the interest rates are very high and may severely reduce your final recovery.
What Affects Attorney Fees?
The amount that lawyers take from a settlement in personal injury cases can vary depending on multiple factors. Each personal injury lawsuit carries its own set of complexities that can influence the fee structure under a contingency fee agreement. Here are some key factors:
- Complexity of the Case: More complex cases, such as those involving medical malpractice or severe personal injury, require more resources, which may lead to a higher percentage being taken from the settlement amount by personal injury lawyers.
- Amount of Work Required: The amount of investigative work, including gathering medical records, interviewing witnesses, or extensive legal research, directly impacts the attorney fees. Personal injury attorneys who invest more time and effort may justify a higher percentage under contingency fee agreements.
- Duration of Litigation: Longer litigation can increase the costs associated with the legal process, including court fees, court filing fees, and other expenses. The longer a case goes on, the more the personal injury lawyer works, which might affect the final percentage taken from the settlement.
- Final Settlement Amount: Generally, the higher the settlement amount, the more flexibility there may be in the contingency fee percentage. In larger settlements, personal injury lawyers might negotiate lower percentages, benefiting clients while still covering all incurred costs.
These factors are considered under the contingency fee basis where personal injury lawyers only recover compensation if the case is successful. This fee structure is designed to minimize upfront costs for the client while ensuring that the law firm is compensated for successful legal representation.
From the initial call to updates on your case status, we are here to get you answers.
FAQs on Legal Fees and Settlements
How much do lawyers usually take from a settlement in personal injury cases?
It’s common for personal injury lawyers to take one-third of the final settlement. However, this can vary depending on the complexity of the case, the contingency fee agreement, and other factors discussed above.
What are contingency fees?
Contingency fees mean that personal injury attorneys’ fees are contingent upon winning the case. Under these agreements, lawyers only receive payment if they successfully recover compensation for their clients.
What should I expect in terms of other costs and expenses?
In addition to the contingency fee, personal injury cases might incur court costs, expert witness fees, medical reports costs, and other expenses related to the legal process. These are usually deducted from the settlement amount before the final disbursement.
Are there different types of contingency fee agreements?
Yes, while most personal injury attorneys work on a contingency basis, the specific terms can vary. Some agreements may involve sliding scales based on the settlement amount or different rates if a case goes to trial versus a settlement pre-trial.
What happens if the personal injury case is unsuccessful?
If the case is unsuccessful, generally, the client does not owe any contingency fees to the attorney. However, they may still be responsible for certain disbursements or court costs, depending on the agreement.
Consult The Law Place Personal Injury Attorneys Today
Have you been involved in a car accident or slip and fall? Are you experiencing pain and suffering as a result? You could be entitled to financial compensation for your physical and mental anguish.
Contact The Law Place today to discuss your options. Our team of qualified attorneys have over 75 years of experience and work together on every case, ensuring you the best legal advice money can buy. The Law Place works on a contingency fee basis, meaning we don’t get paid until you do.
Our lines are open 24/7, and we are always available to take your call. Schedule your free consultation with a qualified Clearwater personal injury lawyer today.
Call The Law Place now on (941) 444-4444.
