Basic Dallas Personal Injury Settlement Breakdown: How Much Goes into My Pocket?
Being in an accident can be an overwhelming experience, leaving you feeling lost and in need of guidance. To help you recover from your losses, personal injury settlements are designed to provide financial compensation for the damages you have suffered. But how are these settlements paid out, and how much of that settlement goes into your pocket?
Factors Influencing Your Settlement Amount
If you’re wondering how much to ask for in a personal injury settlement, it’s important first to understand what factors affect the amount of compensation you can receive:
The Severity of the Injury
The more severe your injury, the higher the potential compensation. In general, life-altering injuries, such as brain injuries, spinal cord damage, or loss of limbs, will result in higher amounts being awarded.
Impact on Work or Daily Life
If your injury has a significant and lasting impact on your ability to perform your job or engage in your daily activities, this will be considered when determining the settlement amount.
Liability and Negligence
The degree to which both parties share responsibility for the accident is an essential factor in determining the settlement amount. In some cases, your compensation might be reduced if you are found to be partially at fault for the accident.
Insurance Policy Limits
The limits of the insurance policy available will be a crucial factor in determining the amount you will receive. If the at-fault party has insufficient coverage, the settlement may be limited to the policy’s maximum coverage.
Your Payout – How Much Do Lawyers Take From a Settlement?
One of the primary concerns for many people pursuing a personal injury claim is the amount of money they will need to pay their lawyer. In most personal injury cases, lawyers work on a contingency fee basis.
What is a Contingency Fee?
A contingency fee is an arrangement between you and your lawyer where the attorney agrees to represent you without requiring any upfront payment. Instead, they receive a percentage of the settlement or jury award if your case is successful.
This agreement ensures that your lawyer has a vested interest in winning your case. Additionally, it allows you to receive legal representation without having to pay anything upfront.
So, What Percentage Does a Lawyer Get in a Personal Injury Settlement?
The actual percentage of the lawyer’s contingency fee can vary, but generally falls between 33% and 40% of the total settlement or award. This percentage is agreed upon between you and your attorney before they begin working on your case.
The percentage also depends on factors such as the likelihood of winning the case, the complexity of the case, and whether your case goes to trial or not.
For example, if your lawyer agrees to handle your case for a 33% contingency fee and you receive a $100,000 settlement, your lawyer would receive $33,000, and you would get the remaining $67,000.
Other Expenses Not Included in a Contingency Fee Agreement
Although the contingency fee covers your attorney’s work on your case, additional expenses may need to be paid to properly handle your claim.
Some examples of these additional expenses include:
- Court costs: Filing fees, transcript fees, and fees for obtaining medical records are just a few examples of court costs that may be associated with your case.
- Expert witnesses: In some personal injury cases, hiring an expert witness to provide testimony is necessary. The fees for these witnesses can be quite expensive and may not be part of the contingency fee.
- Investigation costs: If your case requires an investigator to gather evidence, their fees may also come on top of the contingency fee.
It’s important to discuss these expenses with your attorney during your initial consultation and make sure you understand how they will be handled in your specific case.
How Are Personal Injury Settlements Paid Out?
When you’ve been injured due to someone else’s negligence, it’s natural to wonder, “How are settlements paid out?” Typically, they are paid in one of two ways: as a lump-sum payment or as a structured settlement.
Lump-Sum Payment
A lump-sum payment is the most common method of payout for personal injury settlements. With this option, the injured party receives a single payment that covers all damages awarded, including medical expenses, pain and suffering, lost wages, and other compensatory damages.
The major advantage of a lump-sum payment is that it provides the injured party with immediate access to funds, which can be beneficial in tackling mounting medical bills and other expenses.
Structured Settlement
A structured settlement involves a series of payments over an agreed-upon period of time rather than a one-time, lump-sum payment. These payments are made over a predetermined schedule, such as monthly, quarterly, or yearly, depending on the agreement.
While structured settlements do not provide immediate access to funds like lump-sum payouts, they can offer several advantages, including a more stable long-term financial situation.
Contact a Dallas Personal Injury Attorney for Help Settling Your Claim
If you have any other questions, don’t hesitate to contact our personal injury lawyers to schedule a free consultation.
Contact The Dallas Personal Injury Lawyers at Jay Murray Personal Injury Lawyers For More Help
If you’ve been injured in an accident in Dallas, Texas, and need legal help, contact our Dallas personal injury lawyers at Jay Murray Personal Injury Lawyers to schedule a free consultation today.
Jay Murray Personal Injury Lawyers
2512 State St,
Dallas, TX 75201
(214) 855-1420
