What Are The Costs, Expenses And Fees Of A Personal Injury Case?October 17, 2017 | by Christine McCarthy
One of the most common questions regarding a lawsuit is the cost. Who will cover the costs associated with litigation? The answer to this is particularly important if you are out of work, unable to earn an income due to an injury or have no savings to cover any up-front costs.
If you were injured in an accident but did not think you could afford a lawyer, we have some good news. At Einhorn Harris, our initial consultation with a personal injury attorney is at no charge. Additionally, we accept personal injury cases on a contingent fee arrangement. This means you do not owe your lawyer any money for his or her services unless you recover money in a settlement. The fee will be based on a percentage of the net recovery. Net recovery is the total monetary settlement recovered on your behalf, minus your costs and expenses and minus any interest included in a judgment pursuant to the court rules. The attorney’s fees are as follows:
33-1/3% of the first $750,000 net recovery;
30% of the next $750,000 net recovery;
25% of the next $750,000 net recovery;
20% of the next $750,000 net recovery.
At Einhorn Harris, during the course of the litigation, you will not be asked for any money from the law firm. We will cover the unexpected costs and expenses that come up during this time. They can include, but are not limited to, obtaining medical records, hiring experts, filing the lawsuit and other motions. These essential expenses are necessary to help obtain a favorable settlement.
At the end of the case, the costs and expenses will be reimbursed to the firm first from the settlement or judgment. Then, the attorney’s fee will be deducted. The remainder of the money is yours to keep, tax free.
It may sound complex, but simplified it may look something like this:
SETTLEMENT – costs and expenses – fees = YOUR TAX-FREE RECOVERY
If you have any questions or would like to discuss any accident or incident in which you have been injured, please contact us at 973-627-4923.