Roderick C. Lopez | July 4, 2023 | Personal Injury
A personal injury case may result in a substantial settlement. But when you settle your personal injury claim in Laredo, Texas, you may wonder how much will go into your pocket before the proceeds are distributed.
Understanding the general breakdown of a personal injury settlement in Texas can help set realistic expectations and foster a better understanding of the process. Below, we explain how the settlement proceeds will be apportioned between you and your attorney for their fees and any other costs that may be deducted in the resolution of the claim.
How Much Do Laredo Personal Injury Lawyers Take From a Settlement?
Most Laredo personal injury attorneys will handle cases on a contingency fee basis. That means you do not owe your attorney anything upfront to take your case on and resolve it. This is often important because when you are injured, you may be out of work and unable to hire an attorney to assist you.
Your attorney will agree to forego upfront payment for their work. Instead, the fee for their services depends on – is contingent – on how much they are able to secure for you in a settlement.
The standard contingency fee is typically 33% of the overall settlement, though this can vary depending on the complexity of the case and other factors. For example, if your case settles for a lump sum of $150,000 with a 33% contingency fee, your attorney’s fee will be $49,500 to cover the work and risk they took on in the case.
Court Costs and Expenses
In addition to legal expenses, you may incur other costs throughout a personal injury claim that must be paid back from the settlement proceeds. These costs prior to litigation will often include the fees that your healthcare providers charge for photocopies of your medical records. You may also have charges to obtain police reports and other government documents to support your claim.
Other costs may include filing fees with the court if the case proceeds into litigation, typically around $100-500. You may have also hired expert witnesses, such as accident reconstruction engineers, to prove fault or physicians to opine on the extent of your injuries in order to bolster your case.
During the course of litigation, there are also costs associated with the court process, such as court reports, transcripts, and administrative fees.
Medical Liens: Repaying Your Healthcare Providers
Under Texas law, your healthcare providers may have a lien to be repaid from the personal injury settlement for any unpaid medical bills incurred in treating your injuries. Further, if your health insurance carrier paid for your medical care, insurance may have a subrogation lien against the settlement proceeds.
This is where a skilled personal injury lawyer in Laredo can help. They can negotiate with your healthcare providers and insurance to resolve the liens for the lowest amount possible and maximize the amount of money in your pocket.
Net Compensation: What Ends Up in Your Pocket
You will receive the amount of money from the personal injury settlement that remains after deducting your legal fees, costs, and payment of liens.
An experienced personal injury attorney in Laredo will help you evaluate your claim even before taking on the case to ensure that your economic and non-economic damages are sufficient to cover each of the above expenses. That way, even after paying these various amounts, you end up with a substantial recovery.
The process of pursuing a personal injury case may be daunting. But an experienced, skilled personal injury lawyer can help you minimize costs, maximize your recovery, and ensure that you are compensated to the fullest extent under Texas law to get the best result possible.