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How Accident Attorneys Charge Legal Fees
Auto accident attorneys work on two basic payment modules: contingency fee and hourly rating. Each of the payment systems has its pros and cons. To help choose between the two forms of payment, it is important to understand how each works and its pros and cons. In this article, we take a look at both of the payment systems.
This is the most ideal option if you do not have money to pay the auto accident attorney from www.firststatelawyers.com upfront. When you hire an attorney on a contingency fee plan, you are authorizing him to collect the compensation on your behalf. Before the lawyer submits your share of the compensation package, he will deduct a percentage as payment. He may also deduct expenses that he incurred on your behalf when working on your case.
The contingency fee is calculated as a percentage of the total settlement. Some attorneys base it on the gross payment while others on the net payment. Both ways, the auto attorney gets paid only after the case is settled and you are awarded a compensation package. If the attorney fails to secure you a settlement, then you will not be obligated to pay him. Some attorneys may still charge you for incurred expenses but most will simply write it off. To learn more about accident attorneys, you can visit http://injury.findlaw.com/medical-malpractice.html.
The advantage of a contingency arrangement is the attorney is motivated to secure you a settlement because his pay is pegged on it. On the other hand, you may feel ripped off if the attorney settles the case in a very short time, earning himself a generous pay from your settlement. You may feel that the work he has done is not equivalent to the pay.
Usually, a Dover medical malpractice attorney will charge for every hour they spend on your case. The payment is due whether you win a settlement or lose the case. This is not a common practice by accident lawyers so if you come across one that insists on hourly rates, be cautious. It may be that the attorney has seen your case is weak but still wants to earn from your predicament.
The advantage of being charged on an hourly rate is that the fee does not eat into your compensation package. The method is better when the case is solved speedily as the hours billable will be minimal. However, if the case is prolonged, you will have to part way with a generous amount of money.
A contingency fee arrangement is the best option when dealing with auto accident attorneys.