A car accident attorney is a type of personal injury lawyer who works on a contingency-fee basis. There are a lot of factors to consider when speaking about the costs associated with a personal injury case, like a car accident. Such factors include witness fees, medical documents, police reports, transcripts, and stamps. While prospective clients are familiar with other types of attorneys such as trademark lawyers, many know little about the rates for car accident lawyers. Professionals still ask, “How much does a car accident lawyer make?”. They wonder if the rates are reasonable for clients. Continue reading below to find out more.
Colorado Car Accident Statistics
From January 1 to June 22, 2018, the Colorado Springs Police Department or CSPD has investigated a total of 23 fatal traffic collisions. Within those collisions, 14 fatalities are car-related and three are motorcycle-related. One casualty is bicycle-related and 5 cases are pedestrian-related. That’s why car accident lawyers are most sought due to this community issue.
According to the Colorado Department of Transportation or DOT, the deadliest year was 2015 since 2008. In 2015, the number of traffic fatalities rose to 12% over the previous year. That’s why car accident lawyers are in high demand. The recent surge in car accidents has professionals calling for their expertise. Furthermore, Colorado’s auto damage insurance claims are climbing.
A car accident attorney Colorado Springs advises that drivers should not drink and drive due to the potential disastrous results. They also say to wear your seat belt at all times when driving and even when you’re just a passenger. Avoid driving over the speed limit as well. Additionally, the attorney explains that being alert and focused while driving is crucial. It is especially critical when you’re making a turn. You cannot avoid encountering pedestrians and unexpected roadway hazards if you are not alert.
Contingency Fee Arrangements
A good car accident attorney can assess a personal injury case if it’s best to negotiate for the maximum amount of settlement or proceed to a court trial. Clients are given a full explanation of what to expect about the legal process to ensure that you settle or win your case. Otherwise, your lawyer won’t receive legal fees.
There are many must-to-know facts about contingency fees of car accident lawyers. Contingency fees are calculated as a percentage (usually 33% to 40%) of the total amount of settlement or judgment. A car accident attorney may either take a percentage of the net or gross award. A gross award means the amount of settlement or judgment before the expenses are deducted. On the other hand, the net award is the amount after the expenses are deducted. Contingency fee percentages vary from one state to state. You can always negotiate to lower the percentage rate. If you have ever taken part in negotiations such as reseller agreements, use the skills you obtained to get the best rate.
Make sure that you understand all the payment conditions before you agree to hire a car accident attorney. Some lawyers waive expenses if the case is unsuccessful. However, you’ll still be responsible for reimbursing any expenses or costs incurred on your behalf. Since both you and your lawyer will benefit financially, your car accident attorney stays motivated. They thrive to secure the maximum amount of settlement or judgment possible.
However, you still need to know what to expect from your lawyer. Even if the award is less than your car repair and medical expenses, you’ll still need to pay the expenses and the legal fee of the lawyer. For this reason, sending award checks to personal injury lawyers is a common practice. They ensure payment for legal services. Of course, the name of the payee still goes to the client. Once the car accident lawyer receives the check, the client is notified for a meeting to discuss the final payment.
Hourly Rates For Car Accident Claims
Sometimes, car accident attorneys offer to take a case for an hourly fee. It means that you will pay the lawyer for every hour spent working on your case, regardless of the source of the money. Even if you can’t settle your auto accident case or don’t win in court, you’ll still have to pay your legal expenses and legal fees. This payment scheme is uncommon because if a lawyer offers such term, your case may not be that strong. Thus, you need to think twice before proceeding.
If you want to increase your profits in the case of a car accident, consider leasing another car. Learn how to make money leasing your car before jumping into the process. Do the same before hiring a car accident attorney.
Here are some questions you can ask to help evaluate each car accident attorney:
- What is the percentage you usually take for a car accident case?
- Do you apply the percentage on the net award or the gross award?
- Do I need to pay other expenses while the case is ongoing, or will everything be deducted from the award?
- What is the estimated expense for my case?
- How much can I expect to receive after the legal fees and expenses have been deducted?
With the statistics on car accidents, a car accident lawyer can make a good amount of income by winning cases for clients. For example, if you’re awarded $35,000, your lawyer will get around $10,500. A trusted and reputable car accident lawyer with an established law firm in Colorado Springs makes a good income handling different personal injury cases. The cases range from automobile-related accidents, motorcycle accidents, to pedestrian accidents.