It is always best to hire a personal injury lawyer to represent you or your family in an accident case, however, many people are hesitant to do so out of fear that they charge too much for their services. If you want to know how much an accident lawyer charges for their services, continue reading and review the several types of pay rates and price tiers that are common among law firms and independent attorneys.
Understanding Lawyer Fees
Law firms collect their fees in a variety of ways. It can depend on the type of case, the lawyer’s experience and more. Common payment arrangements used by law firms and lawyers include hourly rates, flat rates, retainers, and contingent fees. Flat rate fees are generally arranged for basic and simple legal services, like divorces and wills. Hourly fees are the most common payment arrangement for lawyers, and vary in price depending on the lawyer’s experience. Hourly attorney rates can be anywhere from $50 to $1,000 per hour! However, these rates vary from firm to firm.
Contingent Fees and Retainers
Retainers are used for certain cases and charged upfront before services are rendered. As clients are billed, the amount is deducted from the retainer as the case proceeds. Contingent fees are only collected if a lawyer wins a settlement for their client. This means they work on a contingent fee basis. This is most common for personal injury lawyers and law firms like ours.
Most personal injury law firms, including ours, offer free initial consultations to discuss your accident and assess whether or not it’s a valid claim. If it is valid, they will accept the case and move forward with the legal process upon your request, without ever collecting lawyer fees unless they win your settlement. So most often, no upfront fees are necessary, but this is not the case for all firms.
Recovering a Settlement
Once a settlement is recovered, there are different methods and price tiers of payment collected by lawyers. How they choose to collect or charge their fees all depends on the firm or the lawyer themselves. A certain percentage is deducted from the settlement amount and paid to the personal injury attorney for their services. But if the client does not win their case, the lawyer collects nothing. Generally, accident lawyers collect one third of the settlement recovered; however, these percentages vary among firms.