How Do Contingency Fees Work in Personal Injury Cases
Contingency fees are typical for personal injury attorneys to pay for their work. These fees usually take one of three forms: a “lump sum,” a “sliding scale,” and a “contingency fee.” The type of contingency fee used can depend on the personal injury case, personal injury law in your area, and other factors. Therefore, an experienced Tucson car accident attorney will be beneficial if you are ever in a car accident in the city.
The following are types of contingency fees and how they work in personal injury cases:
Fixed Contingency Fees
Fixed contingency fees are the personal injury fee that most people are familiar with. With this type of contingency fee, a personal injury lawyer agrees to take on your personal injury case for a specific amount of money if you win, which means whether you receive $100,000 or $1 million in compensation for your personal injury claim, your personal injury attorney will receive the same fee. The personal injury lawyer only gets paid if you win, and they collect a percentage of any compensation you receive.
Fixed contingency fees usually range from 25% to 40% (with 33 and 40 being most common) but can be higher or lower depending on personal injury law where you live. Regardless of how much money is obtained in a personal injury case, the personal injury attorney only receives a fee if their client wins the personal injury lawsuit.
Sliding Contingency Fees
With this type of contingency fee arrangement, your lawyer will receive a percentage of compensation that you are awarded for your personal injury case, a portion of the personal injury settlement or verdict. This personal injury fee arrangement can be on a sliding scale, which means that your attorney will receive more money if you win higher compensation for your injury claim.
For example, with a 20% contingency fee on a $100,000 personal injury settlement, a personal injury lawyer would receive a $20,000 personal injury fee. However, with a 33.3% contingency fee on the same personal injury settlement (which is most common), personal injury lawyers would receive $30,000.
The personal injury attorney for this contingency fee arrangement only receives compensation if their client wins the personal injury case.
Contingency Fee Arrangements For Personal Injury Lawsuits
This personal injury fee arrangement mixes the first two personal injury fee arrangements. In this case, personal injury lawyers agree to take on their clients’ personal injury cases for a specific amount of money, meaning that personal injury lawyers only receive compensation if they win personal injury cases.
However, personal injury lawyers usually receive a personal injury fee that is a percentage of the overall personal injury compensation their client obtains. The percentage of personal injury settlement amount can vary depending on personal injury law in your area and other factors as well.
While personal injury contingency fees are not uncommon, it is essential to know your personal injury rights. These rights can vary depending on personal injury law in your state or personal injury law where you live. Contact a Tucson personal injury lawyer today about personal injury cases and contingency fees.
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