What Percentage Do Most Personal Injury Lawyers Take: 5 Factors That Affect the Attorney Compensation
Types of Personal Cases
If you've ever been in an accident that left you injured, then you're probably wondering what percentage most personal injury lawyers take. It's an important question to ask, as attorney fees can have a major impact on the compensation you ultimately receive for your injuries.
Personal injury lawyers like Joliet personal injury attorney typically work on a contingency basis, which means they are only paid if the client receives a financial settlement or award. In this arrangement, the attorney’s fee is based on a percentage of the total amount of compensation received by the client.
Personal injury cases may include medical malpractice, product liability, auto accidents, slips and falls, wrongful death cases, and more. There are many factors that can come into play when determining the percentage taken by personal injury lawyers. It is important to confirm the exact fee agreement before signing any contracts with your legal counsel. Generally speaking, most contingency agreements state that the plaintiff pays an agreed-upon percentage of any final settlement or award received by the party at-fault after payment is received from them or their insurance company.
Factors Affecting the Percentage Taken by Personal Injury Lawyers
Understandably, clients want to get as much of their settlement awarded by a court or insurance company as possible. To make sure this goal is met and that lawyers are compensated fairly for their hard work, they typically take 33-50% depending on a variety of circumstances outlined below:
- The amount placed at risk by taking legal action (the more money at stake, the higher percentage taken)
- The complexity of each case (more complicated cases may require more lawyer time)
- The jurisdiction in which they practice law (each state has its own standard)
- The resolution achieved and how soon it was reached
- Whether certain hare agreements had been drawn between both parties prior to hiring
In some rare instances where settlements are so large that it would not be appropriate for a lawyer to take more than 30%, ethical guidelines allow them to negotiate an agreement directly with each client about reducing their fee proportionally.
Conclusion
If you have been injured due to someone else's negligence and are considering hiring an attorney to represent your case, it is important to understand what percentage they will take from any settlements or court awards so that you can budget accordingly. Be sure to research different law firms before making a decision and always ask questions until all your concerns are addressed.
