Typically, the cost of hiring a catastrophic injury lawyer ranges from 25% to 40% of the total settlement amount, but what does that mean for your case?
The good news is that most catastrophic injury lawyers work on a contingency fee structure, meaning you won’t pay any upfront fees. Understanding the intricacies of contingency fees and additional costs can be essential in ensuring you get the compensation you deserve — so where do you start?
Our Glendale catastrophic injury lawyers are available 24/7 to speak with you about your claim.
Contingency Fee Structure Explained
How will you pay for the services of a catastrophic injury lawyer when you’re already dealing with mounting medical bills and lost income?
Many catastrophic injury lawyers offer a contingency fee structure, which can alleviate some of the financial burdens. Under this arrangement, you won’t pay your lawyer an upfront fee or hourly rate. Instead, your lawyer will receive a percentage of your settlement or award if you win your case.
This contingency fee is usually a percentage of the total amount recovered, and it’s typically negotiated before you hire the lawyer. The percentage can vary, but it’s often between 25% to 40% of the total award. For example, if you receive a settlement of $100,000, your lawyer’s contingency fee might be $25,000 to $40,000.
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Factors Affecting Lawyer Fees
When you hire a catastrophic injury lawyer, you’ll want to understand the factors that affect their fees.
You’ll typically encounter one of three common fee structures: contingency fee, hourly rate billing, or retainer fee options.
The structure your Glendale personal injury lawyer uses will greatly impact the overall cost of your representation, so it’s crucial to understand the pros and cons of each before making a decision.
Contingency Fee Structure
A catastrophic injury can leave you facing significant financial burdens, which is why it’s essential to understand the contingency fee structure of hiring a catastrophic injury lawyer.
This structure means you won’t have to pay your lawyer upfront or by the hour. Instead, your lawyer’s fee is contingent on winning your case and will be a percentage of the settlement or award you receive.
When you hire a catastrophic injury lawyer on a contingency fee basis, you’ll typically sign a fee agreement that outlines the terms of the arrangement.
Here are some key aspects of contingency fee structures to take into account:
- The percentage of the settlement or award that will go to your lawyer, which is usually between 25% and 40%
- Whether expenses related to your case, such as medical records and expert testimony, will be deducted from your settlement or award before or after your lawyer’s fee is calculated
- How your lawyer’s fee will be calculated if you receive a structured settlement or annuity
- Whether you’ll be responsible for paying any costs or expenses if your case is unsuccessful
- How your lawyer’s fee will be affected if you decide to settle your case or go to trial
Hourly Rate Billing
Hiring a catastrophic injury lawyer on an hourly rate billing basis can greatly impact the total cost of their services, as it means you’ll be paying for every hour your lawyer spends working on your case.
This fee structure can be beneficial for simpler cases or those that require a limited amount of time and effort. However, for complex cases that require extensive research, depositions, and trial preparation, the hourly rate can add up quickly.
Hourly rates vary depending on factors such as the lawyer’s experience, location, and reputation. Senior lawyers may charge higher hourly rates, often ranging from $500 to $1,000 per hour. Junior lawyers or those with less experience may charge lower rates, typically between $200 to $500 per hour.
Retainer Fee Options
Your catastrophic injury lawyer costs can also be structured around a retainer fee, where you pay a set amount of money upfront in exchange for the lawyer’s services. This fee arrangement is often used for ongoing or long-term cases, as it provides a predictable cost for you and payment for the lawyer.
Some catastrophic injury lawyers offer different retainer fee options to accommodate varying client needs. These options may include:
- Flat fee retainer: A fixed fee that covers all services for a specific period or case phase.
- Tiered retainer: A fee structure with multiple levels, each offering different services or levels of involvement.
- Monthly retainer: A recurring fee paid each month, often used for ongoing cases or general counsel services.
- Hybrid retainer: A combination of a retainer fee and hourly or contingency fee billing, often used for complex cases.
- Task-based retainer: A fee tied to specific tasks or milestones, providing a clear understanding of the services and costs involved.
Getting Started With a Free Consultation
Several key factors come into play as you prepare for an initial consultation with a catastrophic injury lawyer.
It’s crucial to approach this meeting with a clear understanding of what to expect and what to discuss. Before scheduling a consultation, research the lawyer’s experience, credentials, and areas of skill to verify they’re a good fit for your case.
As you prepare for the meeting, gather relevant documents and information, including:
- Medical records and bills: Collect all medical records, bills, and correspondence related to your injury.
- Police report and accident scene photos: If applicable, gather any police reports or photos taken at the accident scene.
- Witness statements: Write down the contact information of any witnesses and their accounts of the incident.
- Insurance information: Bring any relevant insurance policies, including health, auto, or disability insurance.
- Correspondence with insurance companies: Collect any letters, emails, or phone records of communication with insurance companies regarding your claim.
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Contact Our Glendale Catastrophic Injury Lawyers Today
You’ve learned about the typical costs associated with hiring a catastrophic injury lawyer, including contingency fee structures and potential additional expenses. When choosing a lawyer, consider their experience, fees, and services offered.
Don’t hesitate to ask about the fee agreement and any costs you might incur. With this information, you’re better equipped to make an informed decision and take the first step towards seeking the compensation you deserve. Get a free consultation with Babaians Law Firm, and visit our blog for more information.