What does a contingency fee mean with compensation lawyer?
Most Indianapolis compensation lawyers charge their fees on a contingent basis. When an attorney charges a contingency fee, people who have been injured are not required to pay money up front to retain him or her. This type of fee arrangement allows people who might not otherwise be able to afford to pay attorneys’ fees up front to get legal help. Since the attorneys will not be paid for their legal work unless they secure settlements or verdicts for their clients, personal injury lawyers screen potential claims before they agree to accept them.
Contingency fee arrangements
In a contingency fee arrangement, people do not have to pay for their attorneys’ fees when they retain them. The workers comp lawyers will instead deduct their legal fees out of the settlements or verdicts that they might ultimately recover for their clients. Many personal injury attorneys will charge their clients for expenses that are associated with their cases. These legal expenses might include court filing fees, investigator fees, expert witness fees, and others.
How much attorneys charge for contingency fees
Compensation lawyer do not charge flat contingency fees. Instead, they charge a percentage of the settlement or verdict that they recover. In most cases, the attorneys’ contingent fees will range from 33 percent to 40 percent. For example, if a settlement or verdict is $100,000 and the attorney charges 33.33 percent, the workers comp lawyer will subtract $33,330 from the $100,000 for his or her fees.
Shifting contingency fee limits
In many states, there are limits that are placed on contingency fee percentages that depend on the stage of the case. When you retain a personal injury lawyer, he or she will value your claim and send a demand letter to the insurance company. The demand letter will demand a settlement amount and explain your injuries. The company may make a counter-offer, and some cases are able to be settled through negotiations without having to file formal lawsuits. If your attorney is able to negotiate a settlement for you without having to file a lawsuit, it is unlikely that he or she will charge you an amount that is greater than 33 percent.
In states that have shifting fee limits, people might expect to pay higher percentages of their settlements or verdicts if their cases do not settle before they file lawsuits. If you live in one of these states and settle your claim after you file a lawsuit, you may be charged up to 40 percent by your attorney.
Paying for costs and expenses
While your case is pending, your attorney may cover the costs and expenses for you or ask you to pay them as they are incurred. These costs may include the expenses associated with getting copies of your medical records and the police reports, fees that are charged by investigators and expert witnesses, filing fees, deposition costs, and the costs involved with trial exhibits. These fees may be charged in addition to your workers comp lawyer’s contingency fee.
How the contingency fees and expenses are paid
If your Indianapolis compensation lawyer successfully negotiates a settlement for you or wins your case at trial, the check for the settlement or for the verdict will be sent to your workers comp lawyer. This is done to make certain that the personal injury lawyers are able to be paid for their work. Your workers comp lawyer will deduct his or her fees from the settlement amount and issue you a check for the balance. Your attorney will explain the amount that he or she will be deducting for his or her fees along with the costs and expenses if you did not pay for them while your case was pending.
Contingency fee arrangements help injured victims to get help from experienced personal injury lawyers. Since claimants will not have to pay for the attorneys’ fees upfront, contingency fee arrangements allow more people to have access to workers comp lawyers.
This type of fee arrangement allows people who might not otherwise be able to afford to pay attorneys’ fees up front to get legal help. Since the attorneys will not be paid for their legal work unless they secure settlements or verdicts for their clients, personal injury lawyers screen potential claims before they agree to accept them.