Cost of Hiring New Jersey Personal Injury Lawyers
Posted May 6th, 2021 by Anthony Carbone.
Categories: Legal Topics.
One of the biggest concerns for accident victims is whether they will afford legal representation. In the State of New Jersey, statutory laws require that personal injury lawyers charge no more than 33.33% of the net settlement in a personal injury claim, on a contingency basis. Contingency refers to a situation where a particular event has to occur first in order for a different event to happen. In the event of a contingency-fee basis, your attorney must win your case in order to receive payment.
If you have been injured in an accident through no fault of your own, contact a Bayonne Personal Injury Attorney to learn about your rights and legal options.
Legal Fees After Settlement
A lot of expenses go into building your personal injury claim. Typically, your attorney will keep a record of all the costs they undergo when preparing and arguing your case. If they are successful in getting you an agreeable settlement, they might then deduct these costs from the gross amount.
Some of the legal fees involved in a personal injury claim include:
- The complaint filing fee
- The fee paid to the person who serves the complaint to the defendant
- The fees paid to generate deposition transcripts
- Motion filing fees
- Other costs, including copying, mileage, faxes, and delivery fees
As already mentioned, most personal injury attorneys work on a contingency fee basis and receive 33% to 40% of the final settlement in every case. Most attorneys receive 33%, although you should discuss the fee with your attorney during the initial stages of your case.
If your attorney agreed on one-third of the settlement, for example, and you win $300,000 in damages, they may receive $100,000 in attorney fees. You will then receive the remaining $200,000.
The Sliding Scale Option
In some instances, attorneys draw up an agreement where the contingency fee percentage will vary depending on the stage at which your claim is resolved. This system is called the sliding scale option and favors higher attorney fees if the case goes to court.
For example, if your claim is resolved during the negotiation stages without filing a lawsuit, your attorney will receive the standard 33%. If your case goes to court, on the other hand, your attorney may receive a higher percentage, closer to 40%.
Legal fees are a crucial topic that you must discuss with your attorney before pursuing your claim. Remember, every attorney works on a different payment system.
Consult a Bayonne Personal Injury Attorney
Most personal injury lawyers work on a contingency fee basis, which as we have seen, means that they don’t get paid until you receive your settlement. Therefore, you should not let the worry of how to pay legal fees keep you from pursuing the compensation you deserve.
At the Law Offices of Anthony Carbone, we understand how emotionally and financially taxing accidents can be and are dedicated to helping you come out on top. Contact us today at 201-733-2230 to discuss your legal options and how to pursue them with an experienced Bayonne Personal Injury Attorney.