Hiring a personal injury lawyer is different in terms of how the lawyer gets paid. I have been told by many clients they believed they could not afford a personal injury attorney to represent them after being injured in an accident. They believed they would have to pay attorney fees upfront and incur more debt. Even as they worry about the cost of medical bills, the cost of repairing the car, and the loss of wages.
This is where a “contingency fee contract” comes in to play. A contingency fee means that payment to the lawyer is contingent on the outcome of your case. In other words, if you receive money, the lawyer receives a portion of that money. If you receive no money, the lawyer receives no money. The personal injury lawyer will be paid based on percentage of you damages as awarded by a settlement, a judge, or a jury.
EXAMPLE OF CONTINGENT FEES
Calculating the amount of the contingent fee begins with what percentage the contract says the lawyer gets. For instance, if you enter into a contingent fee contract where the lawyer receives 33% of any monies collected for you injuries, then you simple plug that number into the equation. Let’s look at an example: assume you are injured in a car accident. Based on your injures, property damage, loss of wages, and pain and suffering, the insurance company settles your case for $100,000.00. Because the contract says the attorney receives 33%, you deduct 33% from the $100,000.00. That means $33,000.00 for the plaintiff’s lawyer and $77,000.00 for the injured party.
However, if the case does not settle and goes to trial, the percentage may increase and there may be a provision in the contact that allows for the attorney to recoup his or her costs. For instance, it is very common for experts to be hired for a case. The plaintiff lawyer will be responsible for fronting all funds to those experts. If you are unsuccessful in your case, you owe the lawyer nothing for the experts. That is the cost of doing business and the lawyer eats those fees. If you are successful at trial however, the contact can allow the expert fees to be recouped in addition to the attorney’s fees. This is because the attorney is assuming the financial risk of paying the experts, filing fees, court costs, deposition costs, etc.
If You Don’t Receive Money, Neither Does the Lawyer
Typically, if the client receives no compensation from the case, the lawyer receives no compensation either. Any fees for experts, filing fees, court costs, deposition costs, etc. are simply absorbed by the plaintiff attorney.
The McAllen Personal Injury Lawyer works on contingent fees. You pay nothing unless I receive money for you. I front all costs associated with the case. Nothing comes out of your pocket. This way you do not incur the additional burden of attorneys fees and court costs while you are recovering from your injury.
If you or a loved one have been injured in an auto accident, contact The McAllen Personal Injury Lawyer today for a free consultation at 956-501-6565. You will always speak to me directly.
