Our credit score can be a very intimidating shadow that either serves as a constant reminder to remain steady and conservative, or as a setback that prevents us from achieving certain goals in our lives. With a poor to fair credit score, you could be subject to higher interest rates, rejected applications, lower income housing, lower-level employment, and much more.
With all of these possible penalties of having less-than-good credit, it is no surprise that someone would question their eligibility for something like a lawyer. Most lawyers do cost money, and many charge upfront fees and costly hourly rates, so poor credit is naturally something to be concerned about. However, if you are in need of a personal injury lawyer, retainers and hourly charges are likely to not apply. Continue reading to learn more.
Contingent-Based Rates
Most personal injury lawyers work on a contingency-fee basis. This means they do not collect any attorney fees unless they recover a settlement for you. There are no upfront costs that come out of your pocket. Instead, personal injury lawyers collect a pre-set percentage of the settlement, which is always disclosed to a client upfront, before any documents are signed. These rates vary from law firm to law firm, and sometimes they can even be negotiated. In some states, the percentage a lawyer can take as a contingency fee is limited, but the average percentages generally range from 33 to 40%.
For Example:
Total Settlement – $125,000
Contingency Fee – 37%
Lawyers Deduction = $46,250
Client's Recovery = $78, 750
Associated Costs in a Personal Injury Case
Although there are no upfront fees to hire a personal injury lawyer, there are still certain costs associated with conducted a case. These additional costs are usually covered by the law firm, and then later deducted from your final settlement along with their original set percentage. The longer the case goes on, the more fees tend to add up. If this happens, the total percentage of the settlement a lawyer will receive is closer to 40% or 50% of the total settlement.
Here is an example of common costs lawyers will cover for clients:
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