Reviewing Legal Fees & Costs: Understanding The Financial Aspects Of Hiring a Lawyer & Pursuing a Claim.

After an accident, you may be overwhelmed by the medical costs you will be facing. Maybe you’re considering filing a claim. Having a Las Vegas personal injury lawyer by your side will help make sure you get the compensation you deserve. But if you can hardly afford the medical costs, how could you possibly afford the costs of a lawyer?

The good news is, most people can afford a lawyer when they’re facing serious physical harm after an accident! However, maybe you still want to know how much money you will be paying the lawyer. Most personal injury lawyers offer a free consultation where your case will be assessed, and the general costs will be discussed based on what needs to be done.

How Do Personal Injury Lawyer Legal Fees & Costs Work In Nevada?

There are a few different methods lawyers use when acquiring payment for their services. Some lawyers tend to charge by the hour with hourly rates ranging from $100-$500. Other lawyers may take a look at your case and set a flat fee based on how much time they estimate it will take.

Regardless of how the lawyer charges, you should expect to be informed of how much time your case will likely take and how much you should expect to spend on it before signing any agreements.

In addition to the hourly rate or flat fee, you will also be required to pay a retainer fee. This is a fee that you will pay at the beginning. The amount will be put into a trust account and any fees for filing or other actions will be taken out of that account. Funds can be added to it if needed and if nothing is used, the amount will be returned to you.

How Can Individuals Afford To Pay For Personal Injury Lawyers?

While the breakdown of payments may be overwhelming, a victim should not worry as you will most likely sign a contingency agreement with your Nevada personal injury lawyer which means, aside from the retainer fee, you will not be required to pay the lawyer until after the claim or lawsuit has been won.

The way a contingency fee agreement works is to be an agreement between you and your lawyer that you will pay a percentage of the compensation as payment for your lawyer’s services. This means that the lawyer gets paid based on how much money they win for you.

Your attorney will negotiate with insurance companies for your medical bills, mental suffering and other costs; the amount the attorney receives typically varies depending on if the case is settled or goes to trial. This means that you will not pay lawyer fees out of pocket, they will come straight from the winnings in your case and if the verdict goes against you, the attorney will be paid nothing for their services.

Do You Pay Taxes On a Personal Injury Settlement In Nevada?

When large amounts of money are in question, it is always wise to consider whether or not taxes will need to be taken out of the amount. If so, are lawyer fees tax deductible? How much can the IRS tax you on your settlement award? These are important questions.

The good news is, if your settlement is a result of a personal injury, you will not be taxed. The reason for this is because the compensation you receive is to pay for losses you incurred, it is not seen as income.

As for lawyer fees, they are not tax deductible. However, your Las Vegas personal injury lawyer will make sure all of the fees are taken from your settlement and you do not have any bills that you have to pay out of pocket.

Are There Caps For The Percentage a Lawyer Can Charge?

There are caps or limits as to how much a lawyer can charge you in Nevada. They are typically only allowed to ask for 33-50% of the settlement amount. For the most part, lawyers will charge a smaller percentage for negotiating a settlement and will raise the percentage if your case goes to trial.

Nevada law holds lawyers accountable for their fees by stating that they cannot charge unreasonable fees. Lawyers are not allowed to overcharge you and the fees must be in writing under a signed agreement.

Why Should You Pay a Personal Injury Lawyer To Negotiate Your Settlement?

Hiring a personal injury lawyer is a smart move if you have been involved in a serious accident. Your lawyer can help you with many things including:

• Ensuring you do not get assigned fault that is not yours
• Protecting your rights during negotiations and potential trial
• Evaluating the initial settlement to determine where you can negotiate more
• Looking at the evidence to help prove you deserve more compensation
• Negotiating with insurance company to raise your compensation amount

Negotiations with insurance companies can be challenging as the insurance adjusters are skilled negotiators and work to push you to take a lower settlement. With a skilled Las Vegas personal injury lawyer, you can be confident that you will get the compensation you deserve.

Look No Further For a Trusted Personal Injury Lawyer Than Our Law Firm!

With lawyers that are highly trained and work hard to put their clients first, at Benson & Bingham we guarantee that you will be satisfied with our effort. From the very beginning to the very end, our Las Vegas auto injury lawyers will be in close contact with you helping you succeed every step of the way. When it comes to lawyer fees, we promise transparency and the firm will never take more than our client.

Contact us today for a consultation to see how we can help you!

Read About Our Other Secret Top Tips To Maximize Your Compensation

1. Understanding the Insurance Process: Navigating insurance claims and negotiations effectively.
2. Gathering Crucial Evidence: Tips for collecting and preserving evidence to strengthen your case.
3. Documenting Your Injuries: Importance of thorough medical documentation for maximizing compensation.
4. Negotiating with Insurance Adjusters: Techniques for achieving a favorable settlement offer.
5. Understanding Settlement Offers: Evaluating offers and knowing when to accept or negotiate further.
6. Considering Future Damages: Anticipating long-term medical expenses and future losses.
7. Avoiding Common Mistakes: Pitfalls to avoid that could jeopardize your settlement.
8. Calculating Your Damages: Including medical bills, lost wages, and non-economic damages.
9. Proving Liability: Strategies for establishing fault and holding the responsible party accountable.
10. Dealing with Medical Providers: Managing medical bills and liens during the settlement process.
11. Utilizing Expert Testimony: Leveraging expert witnesses to support your claim.
12. Reviewing Legal Fees & Costs: Understanding The Financial Aspects Of Hiring a Lawyer & Pursuing a Claim.