The prevalent consensus is that lawyers are pricey. Many people think they can’t afford competent legal counsel. However, rather than charging by the hour, most personal injury attorneys work on a contingency fee basis. You don’t pay anything up ahead or at all unless your attorney succeeds in your case.
The Initial Consultation is Free
Together, you and the attorney will discuss your case during the initial appointment. They might ask you many questions so that they can accurately assess your case.
The majority of personal injury attorneys won’t take a case unless they think it has a strong chance of success and will likely result in significant compensation. You may be confident that the attorney believes your claim to be compelling if they ask to represent you on a contingency basis.
How Contingency Fees Work
A contingency fee arrangement means that your attorney will take a certain proportion of any money you receive as a result of their representation in court or during settlement discussions. This amount includes both economic damages and non-economic damages The attorney’s percentage often fluctuates from 33 to 40 percent, depending on a number of variables (see below).
So what happens if your attorney doesn’t win you any money? You pay no legal fees. The majority of attorneys won’t even bill you for case expenses in these situations.
All of this will be spelled out in your attorney’s fee agreement, which you should carefully study. You can try to renegotiate the conditions of the fee agreement if you don’t like them. You can always find another lawyer if the first one rejects your case.
Case Costs
Beyond legal fees, legal claims, and particularly litigation, frequently result in court costs, requests for medical records, costs for expert witnesses (in situations involving brain injury, for instance), costs associated with investigations, and various other costs.
The majority of the time, your attorney will bear these expenses out of their own pocket and only ask for compensation if they are successful in pursuing your claim.
The Elements That Determine Your Attorney’s Contingency Fee
The list that follows includes only a few variables that your attorney may take into account when choosing the proportion of your compensation to demand:
- The difficulty of your case.
- The validity of your assertions.
- Whether there is likely to be a trial. Trials require a lot of work, and your attorney will likely ask for a higher fee to make up for this added workload.
- How big your claim is. In a high-value case like an accident involving an 18-wheeler truck, a lawyer may agree to a smaller settlement percentage.
An attorney might decline to take your case if they feel it is too dangerous or complicated.
Benefits of the Contingency Fee System
Here is a list of some of the contingency fee system’s primary benefits:
- Regardless of your financial situation, you have equal access to the personal injury compensation system.
- You and your attorney are now on the same team. The more money you win, the more money your lawyer makes because they only get paid if you do.
- You don’t have to take the chance of incurring hefty legal costs in the event of a bad outcome.
In a nutshell, the contingency fee system is good for lawyers and clients alike.
Distribution of Your Compensation
Either a court ruling or a signed settlement agreement will give birth to your right to compensation. The funds will be placed in the client escrow account of your attorney. Then, your attorney will subtract costs like:
- Case expenditures;
- Attorney’s legal fees;
- Sufficient funds to pay off any medical lien (if any); and
- Any other appropriate deductions.
Your lawyer will provide you with the remaining funds, often via bank-to-bank transfer, after deducting any necessary sums.
Contact a Minnesota Personal Injury Lawyer Today for Legal Advice and Assistance
The majority of personal injury attorneys in Minnesota provide free initial case consultations. Therefore, there is little risk to your finances if you seek the legal counsel you deserve following an accident. Arrange a free appointment with a Minnesota personal injury attorney as soon as you can.
Contact or call our law firm Hall Law Personal Injury Attorneys to request a free consultation with an experienced Minneapolis personal injury attorney at (800) 292-1979.
