It’s hard for many individuals to come up with much money to cover a Boston personal injury lawyer before the case starts. And most individuals would also find it hard to pay an attorney on an hourly rate over the course of a month throughout the entire pursuit of a personal injury lawsuit and possible settlement. So, lawyers that take on personal injury or accident cases have developed an option to take on occasional case cash for clients so that they only need to take as much as their fair share for a case.
In recent years, attorneys have begun collecting retainer fees from law firms when they handle personal injury cases. Attorneys are also collecting on a contingency basis when a case is resolved. However, these two payment methods can be very limiting for the attorney and the client. These limitations present a dilemma for attorneys who are trying to make enough money to live off of, yet still provide the best legal representation possible.
One of the ways that many lawyers in the state of Massachusetts have responded to the financial concerns of their clients is by developing an ‘interventional’ way of paying their bills that is different than their usual bill-paying routine. Many of the new practices that have emerged, like ‘bolt-on’ fees, pay their bills immediately upon resolution of the case. Other Massachusetts personal injury lawyers have opted to collect a percentage, a flat fee, or even an annual residual income. The percentage method is gaining more popularity and acceptance among personal injury attorneys. Many lawyers find the flat fee option preferable because they receive a large base of income over several years.
Another method that has become more acceptable among Massachusetts personal injury lawyers is a contingent fee arrangement. This means that the lawyer charges the client a percentage of the money that is recovered. This can either be a fixed amount per quarter or annually. The lawyer will receive a portion of the money that is recovered without ever having to take out a loan. contingent fee arrangements have been especially popular with auto accident cases in which the lawyer does not have the time to go before a judge and present the case before a jury.
Some lawyers in Massachusetts are now working on contingency fees only in personal injury lawsuits that are based on a percentage of compensation for bodily injuries. This gives the attorney the advantage of building up his or her knowledge base as they are not under the control of the insurance company or the defendant. However, there are also other attorneys that follow a system in which the client pays a specific amount based on the severity of their injury.
A final consideration that has affected the payment methods of many personal injury lawyers is the trend towards settling these cases out of court. This is often to ensure that the case does not drag on for months at a time. Many personal injury attorneys may have seen a rise in their cases over the past five years or so, but their compensation usually does not keep pace. For this reason, many law firms have begun to use contingency fees in personal injury cases. If you have been injured in an accident, hiring a qualified personal injury attorney can help you recoup some of your losses and get the settlement that you deserve.
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