February 23, 2018 Category: Contingency Fees
You’ve been injured in a Los Angeles accident and are considering filing a claim for personal injury damages. You know that you are more likely to maximize the compensation you receive if you hire an attorney, so you’ve started looking for legal representation. You’ve noticed that most Los Angeles personal injury attorneys offer their services on a “contingency fee basis,” but you’re not really sure what this means. What does it mean to work on a contingency fee basis? How much can you expect to pay your personal injury attorney? What percentage of your compensation will your attorney expect in exchange for their work?
Contingency Fee Structures
Most personal injury attorneys provide legal assistance on a contingency fee basis. This means that they will work for no money up front but will take a percentage of whatever compensation you are awarded. This fee structure allows injured Los Angeles accident victims to afford legal representation without breaking the bank and focus their hard-earned money on essentials including rent, food, utilities, and medical bills. When an attorney agrees to use a contingency fee structure they will only recover attorney’s fees if their client receives a settlement or award.
What Percentage of a Settlement Will an Attorney Take?
In most situations, you can expect that an attorney will take between 30 and 40 percent of the compensation you recovery. The exact percentage of a settlement or award that a Los Angeles personal injury attorney will take depends on a few different factors. Important factors in this determination will include:
- The attorney’s experience and expertise;
- The type of personal injury claim you will be filing;
- The complexity of your specific case;
- The projected settlement or award; and
- Your geographic area.
As a general rule, the more complicated or challenging your case is, the greater the percentage you can expect to allocate for attorneys’ fees.
Questions to Ask About Contingency Fee Arrangements
When you meet with an attorney for a free consultation it is important to take advantage of this time and learn as much as you can. During this consultation, do not hesitate to ask about the attorney’s fee structure. How much your attorney will be paid is an incredibly important factor to consider when you are choosing an attorney to handle your Los Angeles personal injury claim. Here are a few questions to ask:
- What percent of my compensation will I be expected to pay you?
- Is your percentage taken from gross compensation or net compensation?
- Will I be responsible for court costs and other fees related to my case?
- Are there any hidden fees that I should know about?
- Will I have to pay anything if we lose the case?
Each attorney’s compensation scheme and contingency fee structure will be unique, so it is important to gather details from each attorney you meet with. Some attorneys may take a smaller percentage of your award, but require you to pay for costly fees and expenses. Others will take a larger percentage and cover the costs of your case on their own. Take the time to ask important questions and get to the bottom of how much you will be expected to pay if you win.
Finding the Best Los Angeles Personal Injury Attorney For Your Case
Understanding an attorney’s compensation structure is incredibly important. The amount of compensation you recover from a personal injury lawsuit can be essential to pay for costly medical bills, compensate for lost wages, and help with many other aspects of your life. This money is valuable to you and your attorney should not take more than is necessary to litigate your case and pay for related costs. When you hire an attorney you should know exactly how much compensation you can expect to pay when your case is completed.
If you have been injured in an accident contact Los Angeles personal injury attorney Joshua W. Glotzer to schedule a free consultation. During this meeting, he will review your case and offer his preliminary thoughts on your case. He will thoroughly review the firm’s compensation structure with you and answer any questions you have.