You may feel relieved knowing compensation is coming if you settle your Atlanta personal injury case. However, you might also wonder how much of that settlement will go into your pocket. Understanding the breakdown of a personal injury settlement is important for managing expectations and planning for the future.
How Are Personal Injury Settlements Paid Out?
Personal injury settlements are typically paid out as either a lump sum or structured payments:
- Lump sum payment: This is the most common method, where the entire settlement amount is paid at once. It allows you to have control over the money and decide how to use it.
- Structured payments: Settlements may also be paid out in installments over time. This approach is often used for large settlements or cases involving minors.
The choice between these options depends on the specifics of the settlement agreement and your personal financial needs.
What Percentage Does A Lawyer Get in a Settlement Case?
Personal injury lawyers typically work on a contingency fee basis. This means they only get paid if they win your case, and their fee is a percentage of the settlement amount. You will not owe attorney fees unless they recover compensation on your behalf.
The standard contingency fee typically ranges from 33 to 40 percent, depending on factors such as:
- The complexity of your case
- Whether your case settles before or after filing a lawsuit
- The agreement made between you and your personal injury lawyer
Contingency fees are discussed during free initial consultations. You should expect to receive a written fee agreement with all the relevant terms if you retain a personal injury lawyer who agrees to take your case on a contingency fee.
How Much Do Lawyers Take From A Settlement?
There may be costs associated with your case that are deducted from your settlement in addition to the contingency fee.
These costs may include:
- Court filing fees: Fees for filing your complaint or motions with the court.
- Expert witness fees: Costs for hiring experts and specialists such as medical professionals, accountants, or accident reconstructionists to testify about your damages.
- Investigation costs: Expenses for gathering, such as hiring private investigators or obtaining medical records and accident reports.
- Administrative costs: Charges for copying, postage, and other office expenses for handling your personal injury case.
These expenses can vary significantly depending on the complexity of your case. Ask your lawyer to explain what additional costs you might be responsible for.
How Much Should I Ask for in a Personal Injury Settlement?
Determining how much to ask for in a settlement depends on the specific details of your case.
Factors to consider the value of your damages for:
- Medical expenses: This includes past and future medical costs related to your injury.
- Lost wages: This includes the value of income you have lost due to being unable to work.
- Pain and suffering: This includes compensation for physical pain and emotional distress due to your injury.
- Property damage: This includes compensation to repair or replace property damaged in your accident.
An Atlanta personal injury lawyer will help calculate your economic and non-economic damages to determine what a fair settlement demand may look like in your case. They will then fight to negotiate for fair compensation for all your damages.
Injured in Atlanta? An Atlanta Personal Injury Lawyer Can Help You Maximize A Potential Settlement
Understanding the breakdown of a personal injury settlement is important if you intend to settle your case. Knowing how much your lawyer will earn, what expenses may arise, and how settlements are paid out can better prepare you for when your case is resolved.
If you or a loved one have been injured and are considering a personal injury claim, consult an experienced Atlanta personal injury lawyer who can guide you through the settlement process. Schedule a free consultation today.
