Navigating a personal injury lawsuit on your own is almost never a good idea. Getting a dedicated Bronx personal injury lawyer on your side following an accident can give you the leverage you need to have the insurance company take you seriously.
Don’t let the attorney’s fee prevent you from maximizing the compensation you can obtain. Seasoned personal injury attorneys in Bronx work on a contingency fee basis. You can have a strategy-driven accident attorney Bronx take care of the legal aspects of your claim while you focus on recovering from your injuries.
Navigating a personal injury lawsuit on your own is almost never a good idea. Getting a dedicated Bronx personal injury lawyer on your side following an accident can give you the leverage you need to have the insurance company take you seriously.
Don’t let the attorney’s fee prevent you from maximizing the compensation you can obtain. Seasoned personal injury attorneys in Bronx work on a contingency fee basis. You can have a strategy-driven accident attorney Bronx take care of the legal aspects of your claim while you focus on recovering from your injuries.
How Does Contingency Fees Work in Bronx Personal Injury Lawsuits?
Contingency fee refers to a type of payment arrangement made with an attorney. You will need to pay the attorney’s fee only when they obtain some form of financial recovery for the harm you suffered. In this arrangement, you will need to pay a percentage of the compensation obtained instead of paying an hourly rate for the attorney’s services.
Consequently, the payment is contingent on the plaintiff obtaining compensation from the defendant. Ideally, you and your lawyer should agree on the percentage during the initial consultation.
Percentage Share in Contingent Fee Arrangements
You and your attorney will together negotiate the contingency fee arrangement. The typical fee is usually between 33% and 40% of the award. In New York, attorneys cannot charge contingency fee in excess of 33%. Several factors can impact the amount of contingency fee. These are the three primary factors that play a role a role in the contingency fee amount:
- Who pays for the litigation costs and when?
- Complexity of the case
- Risks involved in the claim
Attorneys usually charge higher fee for complex cases involving multiple defendants. Contingency fee can also be higher for lawsuits that involve litigation instead of negotiations and mediation. Your geographic area may impact the amount of fee paid since law firms base their fee on prevailing rates in an area.
An attorney’s education, experience, and reputation have an impact on the overall contingency fee as well. Typically, an attorney with more experience in handling the required type of lawsuit with a proven track record will charge a higher fee as compared to someone that is fairly new in the field. These law firms usually have more resources to apply to individual claims too.
Common Variations in Contingency Fee
Accident attorney Bronx, NY can either work on a contingency hourly or a mixed hourly-contingent.
Contingency hourly arrangement
You don’t need to pay your attorney until they make a recovery in a contingency hourly arrangement. The attorney will keep a track of the hours spent on your case though. When you receive compensation, the attorney will deduct the money owed to them.
For instance, if your attorney spends 10 hours on your claim and charges $250 per hour, you will need to pay your lawyer $2,500. Moreover, this fee is not due until the Bronx NY personal injury lawyer obtains financial recovery for you.
Contingency hourly arrangement is usually the preferred arrangement when the law allows the attorney on the winning side to recover their fee from the losing party.
Mixed hourly-contingent arrangement
You are required to pay a part of the normal hourly rate to your attorney in a mixed hourly-contingent arrangement. The remainder needs to be paid when you obtain a financial recovery. For instance, if the typical hourly rate of the law firm is $250 an hour, you can enter an arrangement where you only pay $50 an hour.
The remainder of $200 multiplied by the number of hours invested will become due only when the personal injury attorney obtains compensation for you. In this set-up, the attorney also receives a share of the monetary recovery on top of the hourly rate. With that said, the percentage share will be significantly less as compared to the typical contingency hourly arrangement.
Paying for the Costs of a Personal Injury Claim
Attorney’s fee is not the only expense you need to be worried about. There are administrative costs on top of the legal fees in a personal injury claim. These may include:
- Court filing fees
- Deposition fees
- Postage and copies
- Fees for obtaining copies of records
- Investigation costs
- Expert witness fees
- Travel expenses
In most cases, the law firm will pay these costs and deduct them from the eventual settlement proceeds. Based on this, you should discuss the estimated costs before you hire a personal injury attorney. There are a few law firms that work on contingency basis, but still require their clients to pay a part or all of these sundry costs as incurred. You should also confirm whether you will be required to reimburse any expenses if the attorney is unable to recover financial compensation.
Advantages of Contingency Fee
Benefits of contingency fee arrangements include:
- No upfront fee: The biggest benefit is that you don’t really need to pay any fees upfront in a contingency fee arrangement. In most cases, you may not even have to deal with legal bills as the case progresses. This is a huge advantage for people with lower income.
- Attorney incentive: You can be sure that the attorney will be highly motivated to fight for maximum possible compensation on your behalf if they only get paid when you make a financial recovery.
- Attorney fee: You don’t need to pay any attorney fee if your lawyer fails in making any recovery. Moreover, you may still be held responsible for administrative expenses.
- Access to legal help: Plaintiffs that hire personal injury law firms usually recover more compensation than they would on their own. This is even after attorney fees and other expenses have been deducted.
Limitations of Contingency Fee
It can seem great to hire an attorney on a contingency basis if you don’t really have any money to pay the lawyer upfront. In relation to this, there are a few drawbacks that you should be aware of:
- In some cases, the attorney may get more money as a percentage share of the overall recovery as compared to what they would have received as hourly fees. This is usually true in clear-cut cases requiring only a few letters and phone calls to settle.
- If you have a less-promising case, law firms may be skeptical about taking it on. This is because they don’t want to take the risk of losing the case and not getting paid.
You can overcome these drawbacks by working with a skilled and knowledgeable personal injury law firm with a history of winning maximum compensation for their clients.
Don’t Let the Insurance Company Persuade You into Not Hiring an Attorney
Claims adjusters routinely tell claimants that they may get more money if they don’t hire an attorney. They may persuade you into representing yourself saying that you can save the money you would otherwise spend on an attorney. Do not get fooled into believing these arguments. Insurance companies find it easier to get away with denying claims or giving lowball offers when claimants don’t hire an attorney.
Insurance companies hire experienced personnel and possess considerable resources to protect their best interests. Without an attorney by your side looking out for your best interests, you may be taken advantage of. Contingency fee can make it easier for you to seek the legal representation you deserve.
In fact, there are several Bronx personal injury law firms that offer free initial consultations. It won’t cost you anything to speak with an attorney about your case and learn about available damages and the steps to be taken for protecting your rights.
Make sure you don’t wait too long for consulting a Bronx County personal injury lawyer. Insurance companies are known for dragging out cases past the deadline to take things to court. The insurance company essentially wins if you miss out on filing a lawsuit before the statute of limitations expires.
Seeking Legal Representation on a Contingency Fee Basis
Fees charged by a Bronx car accident lawyer can be difficult and complicated to understand. Taking this into account, this doesn’t mean that you shouldn’t take the necessary steps for maximizing your compensation. The best personal injury lawyer Bronx will do everything possible for helping you understand the contingency fee arrangement and what they will do for you.
It takes an experienced and trusted attorney with solid legal knowledge to explain everything about a case. If you or someone you love suffered personal injury because of the negligent acts of another – do not wait. Speak with the best personal injury lawyer the Bronx to get the answers, clarifications, and the legal representation you need. Your attorneys will fight for the justice you deserve.
Your contingency fee agreement contract needs to be signed by you and any lawyer that gets paid under the contract. You should confirm the percentage share of recovery that the attorney gets, type of expenses that will be deducted by the attorney, and the manner in which the expenses will be deducted from the award.
Talk to a Skilled and Knowledgeable Bronx Personal Injury Attorney – Book Your Free Consultation Today
If you or someone you love got injured in an accident due to the fault of another, the experienced and proven Bronx, NY personal injury attorneys at Rosenberg, Minc, Falkoff & Wolff, LLP can help you obtain maximum compensation. Our attorneys work on a contingency basis to fight for the legal rights of all our clients. To schedule your free consultation, call us at 212-344-1000 or fill out this online contact form.
