How Does My Catastrophic Injury Lawyer Get Paid?
Have you been injured in an accident that wasn’t your fault? Are you wondering how you’ll cover the costs of your medical bills, let alone the personal injury damages like loss of income and pain and suffering, that you’ll likely be claiming down the line?
The good news is that you may be able to receive compensation for your expenses. Investing in a catastrophic injury lawyer can help you maximize your claim.
But aren’t lawyers for personal injury expensive? Keep reading if you’re interested in what’s included in your injury lawyer’s fees.
Contingency Fees
If you hire personal injury lawyers, they may offer you a “Contingency Fee Agreement” (CFA) instead of charging you a retainer or hourly fee. Under this type of agreement, your attorney will only be paid if they can secure a settlement or jury award for you. Car injury law firms will not be paid if there is no compensation award.
The agreement typically stipulates that you and your lawyer will share a percentage of the amount awarded if you reach a settlement or win the case. The fee is typically between 33% and 40% of the total award, depending on various factors, including the complexity of the case and the level of expertise the lawyer brings to the table.
Settlement Negotiations
The main goal of a catastrophic injury lawyer is to get a fair payment for their client. If the other person or their insurance company accepts a settlement deal, the lawyer’s fee is based on the percentage of the settlement amount that was agreed upon.
Litigation and Court Awards
In some situations, coming to a settlement is impossible, so the case goes to court. The lawyer’s fee is based on the percentage agreed upon in the contingency fee deal if they win the case in court and get a good verdict or court award. If the case goes to court and non-monetary awards are obtained, the attorney is still entitled to their agreed percentage regardless of the award.
Reimbursement of Expenses
Depending on how the case turns out, the client may be given damages meant to cover the lawyer’s out-of-pocket costs. This includes fees for expert witnesses, filing fees, travel costs, and the cost of making copies of documents.
Retainer Fees
In some cases, the injury law group may charge an hourly fee, a lump sum fee, or a combination of both for their services. A lump sum fee, known as a retainer fee, is a predetermined fee paid in advance to the attorney to work on the case.
The purpose of this fee is to guarantee that the lawyer has enough funds to cover the costs associated with the case. The retainer fee is not a form of payment in full; rather, it is an advance payment for the attorney’s anticipated legal activities.
Once the retainer fee runs out, the lawyer will charge an hourly fee for their services. The cost of a catastrophic injury attorney will depend on the case’s specific circumstances.
Invest in a Catastrophic Injury Lawyer
To sum up, a catastrophic injury lawyer typically gets paid on a contingency basis, meaning they only get paid when a settlement or award is won. Choosing a lawyer with significant experience in catastrophic injury cases is essential to ensure that the legal process goes as smoothly as possible.
Contact the best personal injury lawyers for help if you or a loved one has been injured in an accident. Secure your claim today!
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