When you hire a Personal Injury lawyer, one of the first questions you may have is how much it will cost you. You may already be drowining in medical bills and unable to work, so how much will you have to pay to a lawyer? And do you want to work with someone who’s only interested in making money off your suffering?
You might be pleased to learn that Personal Injury Lawyers only make as much money as they make for you. Read on to learn more about how personal injury lawyers make their money and how much they usually earn.
How Do Personal Injury Lawyers Make Money?
Before we discuss how much a personal injury lawyer makes, let’s talk about how they make their money. Most personal injury lawyers work on a contingency fee basis. This means that, rather than you paying legal fees up front, they take their payment from a portion of the money they recover in your case. If they don’t recover any money in your case, you may not have to pay a fee at all.
Some personal injury lawyers do charge hourly fees if they don’t recover money in your case. Others may offer flat fee packages for simple services, such as sending demand letters to insurance companies.
But most lawyers provide a guarantee that if they don’t recover any money in your case, you won’t owe a dime.
Average Contingency Fee Percentages
So if your lawyer’s fee comes out of your personal injury settlement, how much of it are they going to take? In most cases, contingency fees take up between 30 and 35 percent of your settlement. So if your lawyer recovers $10,000 in your case, they’ll take $3,300 of it as their fee.
In some cases, lawyers may charge more or less than that 33 percent baseline. For example, if all it takes to settle your case is sending a demand letter to the insurance companies, your lawyer may only take 25 percent of your settlement. On the other hand, if the case goes all the way to trial before it settles, they may take as much as 45 percent of the compensation they recover for you.
Average Case Settlements
Now that we know how much lawyers take in contingency fees, let’s take a look at how much they usually recover in personal injury cases.
The first thing to know is that personal injury case settlements can range widely. How much you recover in your case depends on the specific circumstances of your case, the damages you’re owed, the extent of your injuries, and dozens more factors.
That being said, the majority of personal injury settlements come in between $3,000 and $10,000. About one in five settlements is between $10,000 and $25,000. And another quarter of settlements make either less than $3,000 or more than $75,000.
Average Personal Injury Lawyer Income
A personal injury lawyer’s income can vary a lot based on their experience, where they live, and, of course, the settlements they’re able to get for their clients.
In general, personal injury lawyers make between $62,000 and $112,000 a year. Average income in this area of law is a little over $86,000.
Hire a Lawyer Who Fights for Your Money
Personal injury lawyers make their money from contingency fees, which are percentages of the settlements they recover for clients. Most personal injury lawyers take about 33 percent of their clients’ settlements as ther contingency fee. Overall, most personal injury lawyers make around $86,000 a year.
If you’ve been injured in Clearwater, you want a personal injury lawyer who will fight for your money. At Winters & Yonker, our lawyers have recovered millions of dollars for our clients. Schedule a free consultation with us today and let us fight for your rights.
Contact the Clearwater Personal Injury Law Firm of Winters & Yonker, P.A. for Help Today
For more information, please contact Winters & Yonker, P.A. to schedule a free consultation with a personal injury lawyer in Clearwater today. We have five convenient locations in Florida, including Tampa, Clearwater, St. Petersburg, New Port Richey, and Lakeland.
We proudly serve Hillsborough County, Pinellas County, Pasco County, Polk County, and its surrounding areas:
Winters & Yonker, P.A. – Tampa Office
601 W Swann Ave, Tampa, FL 33606
(813) 223-6200
Winters & Yonker, P.A. – Clearwater Office
600 Bypass Dr Suite 224-D, Clearwater, FL 33764
(727) 493-4418
Winters & Yonker, P.A. – St. Petersburg Office
111 2nd Ave NE Suite 350, St. Petersburg, FL 33701
(727) 314-5988
Winters & Yonker, P.A. – New Port Richey Office
5006 Trouble Creek Rd Unit #200, Port Richey, FL 34652
(727) 910-5060
Winters & Yonker, P.A. – Lakeland Office
1543 Lakeland Hills Blvd Suite 18, Lakeland, FL 33805
(863) 251-6196
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