One of the biggest challenges that personal injury victims face can be their tentativeness to involve a lawyer. There’s always the fear that hiring the lawyer will cost more than they stand to gain.
Fortunately, this is rarely true.
How Contingency Works
When a personal injury lawyer chooses to take on your case you’ll get a full schedule of contingency fees. For most lawyers, that’s 30% to 45%, and the exact percentage could depend both on the lawyer and on the complexity of the case.
You don’t pay a dime until the case is either settled or won. That means we, as your attorneys, pay all of the up-front costs associated with the case. These costs could include:
- Filing fees
- Court costs
- Fees for expert witnesses
- Administrative costs
- Deposition costs
- Investigative costs
Each of these costs increases your chances of getting paid. In some cases you wouldn’t even have access to these services on your own.
When your case is concluded, the costs will be paid out of the case, and then the lawyer will take their percentage. You’ll receive the remainder after all of your medical bills and settlement liens are paid. Usually this is far superior to the low-ball settlement you could receive on your own—if, indeed, you could get paid at all on your own.
Why You Still Come Out Ahead
Studies show that you’re 40% more likely to receive any payout if you have an attorney on your side. That is, 91% of those who retain a lawyer get a payout, compared to 51% who get any payout on their own.
You also tend to walk away with at least three times as much money as you would have walked away with on your own. In some cases the figure is much higher.
Here’s how the math works out. Say you could get $100,000 on your own but $300,000 with a personal injury lawyer. The fees are about $10,000 and the lawyer takes 33%. In this scenario, you get $191,000 instead of $100,000.
In short, for the most part retaining a lawyer is as close to being free to you as it gets, even though it might not always feel that way. Part of the reason is you’re usually more successful at maximizing your pain and suffering award with a lawyer’s help, which is the amount you receive above and beyond the amount of your raw expenses.
Get Help Today
We urge you to find a lawyer you’re comfortable with and who has extensive experience in the type of case you are presenting. The percentage should inform only a small part of your decisions.
Want to get a free case review, meet with us, and determine if we’re the right lawyers for you? Contact us today.