How much does it cost to hire an accident lawyer is the first question that comes in the mind of many accident victims when they think about seeking legal counsel. It’s only reasonable because one would want to gauge whether they will be able to take care of the costs, or not.
Well, if it’s any consolation, a majority of accident lawyers work on a contingency fee basis, meaning, you only get to pay them after you get compensated for the damages and injuries that you sustained after the accident. However, some lawyers may offer to take the case for an hourly rate. In that case, you will have to pay them for every hour they work on your case. That’s why it is essential to know how much you are likely to spend, before settling for any lawyer – for your peace of mind.
Read on to find out how much it will cost you to retain a car accident lawyer in Toledo
A typical car accident attorney will charge a contingency fee to take on your injury case. This way, they only get to receive a percentage from the money that you recover from the jury’s verdict or any insurance settlement.
Contingency percentage
While contingency fee is subject to negotiation, many personal injury lawyers in Toledo will ask for about one-third of the total settlement. If, for example, your case settles for $40,000, then your lawyer will get roughly $13,333 in fees. But keep in mind that some attorneys may want you to take care of certain costs.
Some common out of pocket costs that you may need to take care of from your judgment or settlement includes filing fees, deposition fees, court costs and expert witness fees. If your attorney fails to obtain money, he or she won’t collect anything from you. However, based on your agreement, you may still need to cater for certain expenses.
There are two significant benefits of working with an attorney who charges a contingency fee. First, you won’t have to pay anything if you don’t get compensation for your injuries, and second is that you’ll have a lawyer who is focused on getting the best possible award on your behalf because your gain is directly proportional to theirs.
Other fee arrangements
As stated earlier, some lawyers charge on an hourly basis, others will want you to pay an initial retainer before they can start your case, and still collect a contingency fee after you get compensation. For the latter, the lawyer will often subtract the amount you had already paid from the percentage that’s due to them after you are settled. For instance, if you spent a retainer fee of $3,000 to the lawyer and recovered $40,000 in the settlement, the lawyer will get $10,333 from the $40,000.
For the hourly fee, you will pay the attorney for every hour they spend on your work, regardless of whether you get compensation for your injuries or not. It is not common for accident lawyers to charge an hourly rate unless your case isn’t strong enough. In that case, you may have to think twice about whether you want a lawyer in your case or take whatever the insurance company is offering you.