If you are seeking legal representation following a personal injury accident, you may be wondering how your lawyer will be paid. Nebraska personal injury lawyers typically work on a contingency fee basis, but there are important details to understand about how this works.
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Understanding Contingency Fees
Contingency fees mean that your lawyer will only be paid if they win your case. This means that you won’t have to pay anything upfront or out of pocket. Instead, your lawyer will take a percentage of the settlement or verdict in your case as their fee.
Contingency fees are beneficial for personal injury plaintiffs who may not have the financial resources to hire an attorney otherwise. It also means that your lawyer is motivated to win your case since their fee is directly tied to the outcome.
Percentage of the Settlement or Verdict
The percentage of the settlement or verdict that your lawyer will take as their fee varies, but the standard percentage is around 33% to 40%. This means that if you receive a $100,000 settlement or verdict in your case, your lawyer’s fee could be anywhere from $33,000 to $40,000.
It’s important to note that the percentage your lawyer takes as their fee may also be affected by the complexity of your case and the amount of work required. If your case goes to trial, the fee may also increase since trials require more time, preparation, and resources.
Costs and Expenses
In addition to the contingency fee, your lawyer may also deduct costs and expenses associated with your case. These can include things like filing fees, expert witness fees, court reporting fees, and other expenses. It’s important to discuss these costs with your lawyer ahead of time so you are aware of any potential deductions from your settlement or verdict.
Negotiating the Contingency Fee
It’s possible to negotiate the contingency fee with your lawyer. However, it’s important to understand that lawyers typically only take cases they believe are winnable, and they take on the financial risk of the case. This is why standard contingency fees are in place, as they provide a financial incentive for the lawyer to take on your case and win.
If you are considering negotiating the contingency fee with your lawyer, it’s important to do so upfront before they begin working on your case. You should also be prepared to explain why you feel a lower percentage is appropriate.
Final Thoughts
Understanding how your personal injury lawyer will be paid is an important part of the legal process. By working on a contingency fee basis, your lawyer is motivated to win your case and you won’t have to pay anything upfront. However, it’s important to discuss expenses and any potential deductions with your lawyer upfront, as well as the possibility of negotiating the contingency fee. With the right representation, you can focus on healing while your lawyer works to ensure you receive fair compensation for your injuries.