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Understanding different personal injury related terms which can play a vital role in the better understanding of your claim

The personal injury market of the United States is too large.  Each year, it is estimated that approximately 37,000 people die in car accidents and approximately 2.35 million are injured.  Somewhere between 108,000 and 250,000 people die each year from medical errors and there are approximately 8,000,000 hospital visits each year from "slip and falls". That's a lot of accidents!

Cost of a lawyer

While there are a number of ways a personal injury attorney can charge fees to resolve your accident claim, the most common is by "contingency fee".  Contingency fees are the most common method best accident lawyers in Phoenix AZbill for personal injury claims. 

 

Understanding the contingency fee that you will be charged by a car accident lawyer Phoenix AZon successful completion of your claim

A contingency fee means the amount your lawyer will recover from the amounts you are paid to settle your claim.  Contingency fees typically range anywhere between 20-45%.  The most common contingency fee is approximately 33% - 45% of the amount you recover. The amount of the contingency fee is material to the amounts you will recover for your claim. 

 


The average accident settlement payout

The ranges of settlement values can vary significantly, and the value of your claim will be primarily dependent on the following factors:

 

·         Nature and severity of your injuries (how many injuries you suffered, how painful those injuries were, how long it will take you to recover, and whether any injuries are permanent); Car accident injury chiropractor Phoenix AZ can help to decide the severity of the injury in many cases.

·         Value of the lost or damaged property;

·         Did the injuries impact your ability to perform your job or may they impact your ability to work in the future? You can look for several Auto accident injury treatment Phoenix AZ to understand more about your competency and discuss the prospect of your work loss.

·         Did the injuries impact your ability to participate in any social or recreational activities?

 

Disbursements

Disbursements are third party charges your lawyer incurs to settle or resolve your claim.  You can learn more about disbursements here.  Knowing whether disbursements are included within the contingency fee or if disbursements are not included in the contingency fee, knowing what the estimated disbursements maybe will material to understanding how much you may recover. 

 

Personal injury litigation financing

Personal injury litigation financing is a type of loan where the lender pays for the fees and charges a lawyer incurs representing you in exchange for a portion of the settlement amount.  For example, say your lawyer incurs $10,000 in disbursements to resolve your claim and the lawyer doesn't want to pay these costs out of his or her own pocket, that lawyer may request litigation financing.  In that instance, and after settling your claim, the lawyer would return the $10,000 to the lender and may also pay the lender a percentage of your settlement amount (i.e. 10% of the overall settlement amount). 

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