Most lawyers charge hourly rates, although some charge a flat monthly fee to their clients. A Personal Injury Law Firm in New London CT works on a different type of payment arrangement. These attorneys generally charge a certain percentage of the financial compensation their clients eventually receive from an insurer or other entity. That percentage is agreed on before the client signs a contract with the law firm. A standard percentage is 33 percent or one-third of the compensation received. In some cases, a client may be able to negotiate a lower percentage. For instance, if the case proceeds to trial, the lawyer may agree beforehand to accept a lower percentage in the event that a court award is very large. However, the vast majority of injury cases are settled out of court, which allows the person to acquire money as soon as possible.
Accepting a percentage is known as providing service on a contingency basis. In other words, the attorney’s fees are contingent upon the outcome of the case. A Personal Injury Law Firm in New London CT offers this arrangement so that injured individuals have the chance to hire a lawyer for skilled representation. Otherwise, most injured people might not be able to afford the service. People who have been seriously injured in a vehicle collision or other type of accident typically are dealing with financial problems due to lost wages and outstanding medical bills.
This is also a protective service for the client. If the lawyer does not obtain a successful outcome, no fees are due. For this reason, attorneys generally only accept personal injury cases they are fairly certain they can win. They do not want to waste an injured person’s money and time if the insurer is being reasonable. Often, however, insurance companies offer low settlements with the hope that the injured person needs money badly enough to accept this amount of cash. An attorney such as Stephen M. Reck knows how to effectively negotiate with these companies for better compensation when the injured individual deserves it. This can be extremely important for the person’s future well-being. Browse the website for more information.