How Much Does a Personal Injury Lawyer Cost?
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It can sometimes be difficult for a person to come up with the money to finance a lawsuit after being injured in an accident. With this difficulty in mind, many lawyers offer clients an alternative payment system that requires no money up front and no payment of hourly fees.
This alternative system is known as a contingency fee agreement. Contingency fee agreements allow people injured in an accident to hire a personal injury attorney they might otherwise not be able to afford.
If you or a loved one has been injured in an accident, call Zinda Law Group at (800) 863-5312 for a free consultation with a Colorado Springs accident attorney.
How Do Contingency Fees Work?
Contingency fees can vary and will depend on the specifics of the case, the relationship between the client and the lawyer, and the expected compensation from a suit, among other things.
Contingency fee agreements should always be put into writing and signed by both the client and the lawyer. While the specific numbers will depend on the situation, every contingency fee agreement will apportion a percentage of the eventual compensation to the lawyer.
Contingency fee agreements provide that the lawyer will be paid a certain percentage of the total award, typically between 30 and 40 percent, with 33.3 percent being the most common. It’s important to note that the percentage paid to the lawyer is calculated after the lawyer has been reimbursed for any costs he or she incurred as part of your case.
Example of a Contingency Fee
When you first hire your personal injury lawyer, you will sign a contingency fee agreement in which you agree to pay your lawyer 35 percent of whatever compensation is eventually awarded to you. During the case, your lawyer spends $1,000 on your case for things like court fees, investigations, deposition fees, and medical records. Those expenses are referred to as costs.
At the end of the suit, you are awarded $10,000. Before the award is split between you and your attorney, you need to subtract costs. So now the total being split is $9,000. Remember you agreed to pay your lawyer 35 percent, thus he or she is due $3,150. At the end of the case, your lawyer will be reimbursed $1,000 for costs and paid $3,150 for their work, and you will take home $5,850.
How Are Fees Collected?
Typically, the full $10,000 check will be sent directly to your attorney. He or she will take out the costs–the $1,000 in our example–and then calculate their percentage before cutting you a check for the remainder.
No need to worry: you won’t ever be asked to simply trust your attorney’s word when it comes to costs or how the award was split. Your attorney will provide you with receipts for any costs and a detailed accounting of how the award was broken down before you received what was owed to you.
Get Help from Our Colorado Springs Injury Lawyers
At Zinda Law Group, our experienced accident lawyers have helped thousands of injury victims recover compensation for damages related to their accident, and we have the knowledge and resources necessary to help you build the strongest case possible and seek the maximum recovery available. And remember: you pay nothing unless we achieve a favorable settlement, judgment, or verdict for your case.
Call Zinda Law Group today at (800) 863-5312 to receive your free consultation with one of our skilled personal injury lawyers in Colorado Springs. Meetings with attorneys by appointment only.