After an accident, people may want to contact an attorney to investigate a claim or file a lawsuit, but they are concerned with the cost of hiring a lawyer. However, New York City personal injury lawyers typically take cases on a “contingency” basis — this means that you pay nothing out of pocket. Instead, your attorney will recoup their costs and expenses by drawing from the damages recovered in your case. If you have been injured by someone else’s negligence, and you are concerned about cost, the best thing to do is consult with one or more personal injury attorneys and discuss the applicable rates. A professional and compassionate Bronx personal injury lawyer will understand your concerns and work with you to understand and deal with the associated costs. Continue reading for a discussion of the rates charged by New York personal injury attorneys.
How contingency fees work
If you are successful in a car crash, slip and fall, or other personal injury lawsuit, you will be awarded a certain amount of money to compensate you for medical bills, lost wages, pain and suffering, and other damages. You may also recover damages as part of a settlement or through an insurance claim.
Personal injury attorneys understand that accident victims are typically unable to pay legal fees out-of-pocket. Unlike other attorneys who charge by the hour, New York personal injury attorneys will wait to be paid until they secure a recovery for you. Then, they will accept a portion of your total recovery as their fee. Contingency fees also mean that if your lawyer does not win you any damages, then the lawyer will not be paid, with the potential exception of the out-of-pocket expenses the lawyer incurs during the representation. We discuss how contingency fees are paid below.
What percentage do New York lawyers take?
Different personal injury attorneys may take a higher or smaller percentage of the total recovery, but most personal injury lawyers in New York set the same rate. A New York City personal injury lawyer will typically charge a third (33%) of the compensation awarded to you after a successful claim. Some cases require special fee arrangements, such as medical malpractice cases, but in a typical personal injury matter, the 1/3 rule governs.