What Percentage Do Lawyers Take for a Personal Injury Case in Miami, Florida?
June 15, 2023 | Sagi Shaked | Personal Injury
According to the National Safety Council, the average economic cost of a fatal accident was $1,778,000 in 2021, and the average cost of an accident causing a severe injury was $155,000. Even for accidents involving property damage alone, the financial toll averaged $5,700 per damaged vehicle.
Florida law protects the rights of accident victims to secure compensation from the individual or parties responsible. In cases where accidents arise from gross negligence or intentional misconduct, Florida law permits victims to obtain punitive damages.
If you were injured in Miami, Florida, a personal injury lawyer could help you pursue justice and obtain payment from the person responsible for your accident. Lawyers typically charge by the hour for their services. However, personal injury lawyers typically have a different payment structure.
Should you hire a personal injury lawyer in Florida, you can expect to pay a contingency fee only if your attorney obtains compensation for you. Read on to learn more about how contingency fees work and what percentage personal injury attorneys may take for a case in Miami.
How Do You Pay Personal Injury Lawyers?
Typically, you do not have to provide a retainer or down payment for a personal injury lawyer in Miami, Florida. Attorneys in this area of the law only make money if they win or settle your case. Their payment comes from your settlement or judgment amount. You also can generally hire a personal injury attorney without paying anything upfront.
Contingency Fee Agreement
The American Bar Association explains that lawyers must have written contingency fee agreements with clients. This means that you’ll know ahead of time how the contingency fee payment method will work in your case.
The contingency fee agreement outlines the method for determining the fee. This includes the percentage or percentages that the lawyer would receive in the event of a settlement, trial, or appeal. Some expenses, such as court fees, may also be deducted.
When the case ends, either after a settlement, trial, or appeal, the lawyer notifies the client of the outcome, how much the client receives, and how much the lawyer gets.
What Is a Typical Contingency Fee Percentage?
Lawyers typically ask for around 33% percent of an award. The percentage the lawyer charges often depend on the complexity of the case and how much time and effort it requires.
Sometimes, sliding scale fees are available, with the contingency fee changing depending on whether the client wants to settle or take the case to trial and whether the client wishes to appeal. This reflects the lawyer’s investment in the case.
Advantages of Contingency Fees
First, the risk of financial loss to you is low. You only pay the lawyer if you receive a favorable outcome. The payment is a percentage of your settlement or award.
You are not responsible for attorney’s fees if you do not receive compensation.
Second, your lawyer is motivated to win. Since the lawyer only gets paid if you win, your lawyer’s interests align with yours.
Because your lawyer wants to get paid, they will only take cases they think they can win.
Contact a Miami Personal Injury Lawyer With Any Further Questions
Most personal injury lawyers in Miami offer a free initial consultation. During this meeting, you can receive preliminary legal advice and learn more about the contingency fee system and what percentage the lawyer may take, given the facts of your situation.