There are an average of six million car accidents in the United States each year. For the millions of people involved in these accidents, the question of hiring a lawyer is a major one. Unfortunately, many people try to get their settlements alone because they’re unsure or afraid of a car accident attorney’s costs.
But how much does legal representation cost? Continue reading to learn the typical costs of retaining a car accident lawyer.
Contingency Fee
Most car accident attorneys work off a contingency fee. This means they’ll charge a varying percentage of your settlement amount and require no upfront or hourly payment. The contingency fee can vary from 25 to 40 percent of your settlement amount, with the average number being 33.3 percent.
The benefit of working with a contingency fee versus an hourly rate is no money is required upfront. Your attorney only gets paid if you receive a settlement, which means you can feel confident they’ll work hard for your case. Keep in mind, however, that complicated or lengthy cases may have a slightly higher contingency fee to cover the time your lawyer invests.
Advanced Funding Repayment
Outside of a contingency fee, you’ll need to repay your car accident attorney for any funding they advanced you. This isn’t something every client will need to pay, as some will pay certain costs out of pocket. But not every client can afford these fees before their settlement.
The types of funding your lawyer may have fronted include those associated with copies of medical records or hiring experts to help your case. You should understand these costs before your attorney pays for them so that you won’t be surprised at your fees later.
Make Sure to Read Your Contract
Each car accident attorney may have slightly different costs. Costs can even vary between one case and another with the same lawyer. This is why you must make sure to read your contract.
You’ll want to read the contract all the way through, including the fine print. If you don’t understand anything, make sure you ask the attorney. They should have no issues explaining the different legal jargon, fees, or clauses written out in the contract.
If you don’t feel comfortable signing a contract, find a different lawyer you feel comfortable with. If the potential attorney doesn’t want to explain things to you, this should be a red flag.
It’s always worth “shopping around” for an attorney when your financial stability is at stake. Speaking to at least two different attorneys before making your final decision is something you need to do.
Do You Have More Questions About the Typical Cost of a Car Accident Attorney?
The cost of hiring a lawyer for your car accident case varies but is usually based on a contingency fee. You may also need to repay any advanced funding after your case is settled. Remember to read your contract thoroughly, as this is the only way to truly know your actual costs.
Do you have more questions about the typical cost of a car accident attorney?
Feel free to read our other blog posts. You’ll find many articles on related topics to help you dive further into the subject.
