How Do Personal Injury Lawyers in Miami, FL, Get Paid?
May 3, 2023 | Sagi Shaked | Personal Injury
If you need a personal injury attorney in Miami, Florida, the cost is likely one of your primary concerns. Fortunately, most personal injury lawyers work on a contingency fee basis.
A contingency fee agreement is a payment arrangement in which the lawyer only gets paid if they win (or settle) your case. Rather than charging hourly fees or requiring you to pay upfront, a contingency fee agreement compensates a lawyer for a percentage of your financial award or settlement.
The percentage of the settlement or award that your lawyer will receive varies by case and by lawyer, but it is typically between 33% and 40%.
For example, if you receive a settlement of $100,000 and your lawyer’s contingency fee is 35%, they would receive $35,000, and you would receive $65,000.
Potential Extra Costs in a Contingency Fee Agreement
Some additional costs and expenses may be associated with pursuing a personal injury claim, even under a contingency fee agreement. However, these costs may not apply to every case and attorney, so it is best to check with the lawyer you are considering hiring ahead of time. Some of the most common charges include the following:
One potential extra cost in a contingency fee agreement is court costs, such as filing fees and deposition fees.
Investigator and Expert Witness Fees
In some personal injury cases, lawyers may need to hire investigators and expert witnesses to gather evidence to support the claim. These experts charge fees for their time, and if you win your case, the costs could come out of your settlement (after the attorney takes their percentage).
Medical and Police Reports
To build a strong case, lawyers need to obtain medical records and police reports to support the claim. These reports come with fees and may not be initially covered under the contingency fee agreement. Make sure to ask your lawyer if they will charge additional fees for these reports.
Benefits of a Contingency Fee Agreement
Clients can benefit greatly from this cost structure for a variety of reasons, including the following:
You Only Pay If You Get Paid
Perhaps the most significant benefit of a contingency fee agreement is that you only pay if you receive compensation.
This provides a lot of peace of mind to clients who may hesitate to seek legal representation because they fear additional financial burden. With a contingency fee agreement, there’s much less risk involved.
Aligns Your Lawyer’s Interests With Yours
Contingency fee agreements align your lawyer’s incentives with your own. Your lawyer only gets paid if you win or settle, meaning they put all their effort and focus into securing the settlement you deserve. If you have a contingency fee agreement, you can be confident that your lawyer is doing everything possible to achieve a successful resolution.
Makes Quality Legal Representation Accessible to More People
Another advantage of a contingency fee agreement is that it enables individuals who would otherwise lack the financial resources to pursue legal action.
If you’re hesitant to file a case because of the potential cost, a contingency fee agreement could be the solution you need.
Can Speed Up Your Case
Another perk of contingency fee agreements is that they can help expedite your case. With traditional fee structures, lawyers might take on more clients than they can realistically handle because they know they’ll be compensated for their time regardless of the outcome.
However, with a contingency fee agreement, your lawyer has to be more selective about the cases they take on, which means they’re much more likely to dedicate their time and resources toward your case.
Contact a Personal Injury Attorney in Miami, Florida, for Legal Assistance
While hiring a lawyer may seem overwhelming, knowing that most personal injury lawyers in Miami, FL, work on a contingency fee basis can help alleviate some financial stress. Personal injury lawyers generally also offer free consultations, so you can receive legal advice and learn about how the contingency fee may work in your situation at no cost to you.