Auto Accident Attorneys and Their Fees
Auto accident attorneys have a very unique way of getting paid for the services they perform. They are paid contingency fees. Essentially, what this means is that if the lawyer does not win they will not get paid. As you can imagine this is a risky way to do business as there is no guarantee that a case will go the way an auto accident attorney or their clients hopes it will go. However it is model that works well for everyone involved and I will explain why below.
The contingency fee lawyers are paid is a percentage of the monetary judgment awarded to the victim. The percentage is agreed upon beforehand. The percentage an auto accident attorney receives is usually between ten and thirty percent. All 50 states have a cap on how much auto accident attorneys can receive and the highest percentage allowable is 33%.
There is a range in the amount a lawyer from http://www.siegfriedandjensen.com charges for contingency fees because they charge more or less depending on when the case is concluded. If they get a settlement early on then the client pays less. So, if we accept that a case is settled somewhere in the middle of the process, where a lawyer charges 20%, and the client is awarded a million dollars, the lawyer will receive 200,000 dollars for their effort. That is a lot of money and far more than a person would pay had they paid upfront for lawyer services.
However, what you have to consider is that auto accident attorneys work on cases for free, sometimes for years, paying out of their own pocket for all the expenses associates with putting the case together. They do all of this without knowing whether or not it will pay off, so the amount of money they are paid if they win reflects the risk they took. View http://www.ehow.com/how_2053885_choose-personal-injury-lawyer.html for more tips about choosing lawyers.
What contingency fees also do is allow people to hire an auto accident attorney from this site no matter how financially destitute they may be. If it wasn't for the contingency fee model, a lot of people would be marginalized and unable to get the compensation they need. In addition, even after paying their lawyer's contingency fee and other applicable fees, victims usually still have enough money to compensate them for their damages. The way auto accident attorneys are paid creates a win-win for both the lawyer and the client. It also is a win for the public in general because lawyers are less likely to take on cases that are frivolous.
The contingency fee lawyers are paid is a percentage of the monetary judgment awarded to the victim. The percentage is agreed upon beforehand. The percentage an auto accident attorney receives is usually between ten and thirty percent. All 50 states have a cap on how much auto accident attorneys can receive and the highest percentage allowable is 33%.
There is a range in the amount a lawyer from http://www.siegfriedandjensen.com charges for contingency fees because they charge more or less depending on when the case is concluded. If they get a settlement early on then the client pays less. So, if we accept that a case is settled somewhere in the middle of the process, where a lawyer charges 20%, and the client is awarded a million dollars, the lawyer will receive 200,000 dollars for their effort. That is a lot of money and far more than a person would pay had they paid upfront for lawyer services.
However, what you have to consider is that auto accident attorneys work on cases for free, sometimes for years, paying out of their own pocket for all the expenses associates with putting the case together. They do all of this without knowing whether or not it will pay off, so the amount of money they are paid if they win reflects the risk they took. View http://www.ehow.com/how_2053885_choose-personal-injury-lawyer.html for more tips about choosing lawyers.
What contingency fees also do is allow people to hire an auto accident attorney from this site no matter how financially destitute they may be. If it wasn't for the contingency fee model, a lot of people would be marginalized and unable to get the compensation they need. In addition, even after paying their lawyer's contingency fee and other applicable fees, victims usually still have enough money to compensate them for their damages. The way auto accident attorneys are paid creates a win-win for both the lawyer and the client. It also is a win for the public in general because lawyers are less likely to take on cases that are frivolous.