How Much is it to Hire a Personal Injury Lawyer?
If you are injured in an accident, hiring a New York personal injury lawyer is pivotal, as it can significantly improve your chances getting the settlement you deserve. At the same time, when are struggling with medical bills, you might be hesitant to hire a lawyer, as you might be concerned about their fees.
Fortunately, personal injury lawyers in New York generally work on a contingency basis, which means they will not charge you any money upfront. They typically get paid a percentage of your settlement.
How Does a Contingency Fee Agreement Work in New York?
Under a contingency fee agreement, your personal injury lawyer’s fees are contingent on the outcome of your case. If they win your case, they get paid a percentage of the settlement or jury award. If they lose your case, they do not get paid.
Here is how a typical contingency fee agreement works in New York:
The process usually starts with a free initial consultation. During this meeting, the attorney will assess the merits of your case and the potential for success. If they believe the case has merit, they may agree to represent you on a contingency fee basis.
If the attorney decides to take the case, they will draft a contingency fee agreement for you to sign. The agreement is legally binding, and it specifies your attorney’s fees and the case-related expenses you are responsible for. These include filing fees, medical record retrieval fees, fees charged by expert witnesses, and more.
Once the agreement is signed, your attorney will proceed with your case and take steps to recover the compensation you are owed from the at-fault parties. If a settlement is not possible, your attorney will take your case to trial to recover the damages you are owed.
Once a settlement is reached or a judgment is awarded, your attorney will deduct their fees and other expenses. In most cases the fees are roughly 1/3rd or 33% of the settlement.
Advantages of a Contingency Fee Agreement
Access to Legal Representation
Contingency fees can provide access to legal representation for individuals who might otherwise be unable to afford legal services, particularly in cases involving personal injury or other civil matters where the client has suffered harm and is seeking compensation.
Risk-Sharing
Contingency fee arrangements are a way for attorneys to share the risk of litigation with their clients. If the client doesn't win the case, the attorney doesn't get paid, which incentivizes the attorney to work diligently to secure a favorable outcome.
Incentive to Maximize the Compensation
Under a contingency fee agreement, the attorney gets paid a percentage of the amount they recover. The more they recover, the more they get paid. It can incentivize the attorney to identify all possible sources of compensation, build the strongest case possible, and recover the maximum amount of compensation.
Talk to Our New York Personal Injury Lawyers Today
At the Law Offices of Michael S. Lamonsoff, we believe that all personal injury victims should have access to high quality legal representation. It’s why we work on a contingency basis. As our client, you do not have to worry about paying us out of your own pocket and you can focus on what matters the most – your recovery.
Our personal injury attorneys have a deep understanding of New York personal injury laws, have more than 150 years of combined legal experience, and have recovered over half a billion dollars for our clients in settlements and jury awards.
To set up a free consultation with an experienced New York personal injury lawyer, call us today at 212-962-1020 or fill out our online contact form.