How Much Does It Cost to Hire a Lawyer?
When you’re hurt in a serious accident, you need money to cover the costs, suffering, and other damages you’ve suffered because of that accident. But you may be worried because you already don’t have the funds to pay for these losses and suffering. How are you supposed to afford an attorney?
Luckily, your West Palm Beach lawyer is here to help you determine that. If you’re worried about the costs of an attorney, we’re here to break down the expenses for a lawyer’s services and share what you can expect, below.
What Are Contingency Fees?
When you’re seeking out a personal injury lawyer, you may hear the term “contingency fees” mentioned. Our lawyers work on these fees. But what does that mean for you?
A contingency fee is a fee based on the amount of money you receive for your claim. Let’s say you agree to a 10 percent contingency fee. If you receive $500,000 in compensation, you pay your lawyer $50,000 of that settlement. But if you only receive $5,000 for your injuries, you’ll only pay $500 for your suffering. The details of your fees will depend on state law and your lawyer’s agreement.
Opportunity Costs Related to Hiring a Lawyer
Opportunity costs accrue when you must choose to pursue one thing over another. In your case, you may have to spend the time to seek out a lawyer, lose wages if you miss work for your court case, and face other costs that may impact your life in the pursuit of your claim.
But those are opportunity costs your personal injury lawyer can help you seek in your claim. You may have lost opportunities to make money while dealing with this claim, impacting your future. If you’re concerned about the time, money, and energy spent on your claim, your lawyer may be able to recover some of these funds.
In addition, there are opportunity costs related to not partnering with a lawyer. You may think that you’ll be saving money by not shelling out on a lawyer. After all, if you don’t have to give a lawyer a portion of your winnings, that’s more money in your pocket, right?
But if you choose to go it alone and try to represent yourself, you’re not likely to win as much money as you would if you had a lawyer in your corner. For example, a lawyer can tell if an insurance settlement offer is unfair and help you negotiate for more.
The difference in settlement money you’re missing out on is a missed opportunity—an opportunity cost of not working with a lawyer. In most cases, a lawyer’s contingency fees are more than covered by the extra money the client wins by having a lawyer represent them.
What if My Claim Fails?
But you may be worried about paying out of pocket if you don’t receive anything for your injuries. You may be concerned that you’ll still have to pay for your lawyer’s services, even if we don’t win.
Here’s the good news—you only pay if we win your case. That means you don’t have to worry about extra costs. Your focus can stay on recovering after a brain injury, spinal cord damage, or other serious injury. Your suffering can impact your life for years to come. You shouldn’t have the extra burden of paying for lawyers who didn’t win for you.
How a Lawyer Can Help Your Claim
Getting a settlement that meets your needs and covers the costs of your economic and non-economic damages is tough. That’s why your personal injury lawyer is here to help. If you’ve suffered a serious injury, your lawyer has the tools and resources you need to recover the money you need to recover.
Even better, your lawyer can provide you with these tools without adding to your financial burden. Your fees are part of your settlement, so you don’t have to worry about paying out of pocket for your hospital or other medical bills, for example. You can focus on your health and well-being while your lawyer prepares your claim and represents you in the courtroom.
Contact a Lawyer for a Free Consult
When you’re hurt and need money, you probably know that you need a lawyer, but your lawsuit can be a worrying expense.
Luckily, you don’t have to worry about that with the lawyers at The Law Offices of Casey D. Shomo. We’re here to help, not to add to your financial woes. We even offer free consultations, where you can speak with a lawyer about your claim and our fees before you sign anything. When you’re ready, give us a call at 561-659-6366 or fill out the online contact form below.