How Do Personal Injury Lawyers Make Money?

If you find yourself in need of a personal injury attorney, you may be concerned about how to pay them for their services. Especially if you’re concerned about lost wages and medical expenses, you may not have the extra funds right now to move forward with a lawyer. Luckily, that is not the case, and in most situations, the arrangement between you and your lawyer is affordable and contingent upon their success in your case.

With a quality, experienced attorney on your side, you will likely win your case with more compensation that you would have received without a professional in your corner to fight for you.

How Do Personal Injury Lawyers Make Money?

Contingency Fees

The main way that personal injury lawyers make money when representing you in court is through a contingency fee. In this situation, your lawyer will receive a portion of the settlement you receive after your case. This number usually falls at around one-third of the settlement. This is often referred to as a “no win, no fee” situation, and lawyers who use this method receive no compensation should they lose your case. Not only does this benefit you because you have no upfront costs, but it also means your lawyer will work even harder to win your case and ensure you are compensated with the amount you deserve. After all, if you don’t get paid, they don’t get paid, either.

Sliding scale contingency

Another way to negotiate costs with your lawyers is by offering a sliding scale contingency. In this situation, your lawyer will receive a higher percentage of the final compensation if they have to do more work to argue your case. If you are able to settle out of court and the lawyer is able to spend less time on your case, they will receive a smaller percentage. If your case goes to trial, they will receive more.

Hourly Rates

You may find it more effective, depending on your situation, to pay your lawyer hourly for working on your case. However, in most situations with personal injury lawyers, this amount will also be paid out after you’ve received your compensation. It is often called “contingency hourly,” however it is not often the most beneficial method to you, as the plaintiff.

For Defendants

The situation differs greatly if you are the defendant rather than the plaintiff. If you are being taken to court for damages you’ve caused, your lawyer will have the task of defending you in court. The end result, if your attorney succeeds, is that you will not pay any amount of money to the plaintiff, as you were not liable for any damages they incurred. In this scenario, your attorney will either work off of a retainer, which is a lump sum you give them at the start of your case, or they will work for an hourly rate.

In any of these situations, it’s important to find a lawyer who will work with you, not only to accommodate your financial situation but to give you the best outcome possible in your personal injury case. Be sure to look at personal injury law firms in Kingston or wherever you live, and find a professional who has the experience and the track record to give you the representation you deserve.

FG Editorial Team
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