New York State is the fourth most populated state in the US, with a population of 19.6 million. New York’s lawyer population is also high. The state is home to most lawyers in the US. The US has a total of 1.3 million active lawyers. Around 188,341 lawyers are from New York State.
Lawyers help people in many different ways. They help people fight false accusations, secure compensation for their losses, and more.
They are the only hope for accident victims who have sustained financial losses. Victims won’t be able to secure what they deserve through a New York personal injury lawsuit if they don’t get a lawyer’s help.
When hiring a lawyer, an agreement will be drafted. It is important to know the details of this agreement before signing it.
This blog post will help you learn about the things that will be included in the lawyer’s fee agreement.
Fee
Lawyers usually use three types of fee structures. They should mention the type of fee structure they will be using and how much they will charge you. The following are the three types of fee arrangements:
- Hourly charges
- Flat fee
- Contingency fee
Hourly Charges
This is the most common form of fee structure used by lawyers. You will be charged anywhere between $100 and $500 for an hour. Some lawyers will charge more than $500 if they are highly reputed.
The agreement must have the details of the lawyer’s charges and how often you will be billed.
Flat Fee
A flat fee is usually used for services like filing bankruptcy and writing a will. A flat fee is an impractical fee arrangement, as it is difficult to determine the effort required for most legal matters.
It is important to ask the lawyer about the services that will be included in the flat fee.
Contingency Fee
This fee arrangement is usually used by personal injury lawyers. In this fee arrangement, the lawyer will take a portion of the settlement their client receives as their fee.
It should be noted that the lawyer will get paid only if they win the case. This system makes the lawyers accessible to everyone. Victims don’t have to worry about retainers and high hourly charges. They also don’t have to pay the lawyer out of their pocket. Usually, the lawyer will take 30–45% of the settlement as their own.
Litigation Costs
Sometimes, the case may go to court. Litigation is much more expensive than arbitration and mediation processes. The agreement must have details of how the litigation costs will be handled. These costs include deposition costs, expert witness costs, etc.
Scope Of Service
The agreement should clearly state the scope of the services of the lawyer. Some lawyers may not handle the case if it goes to trial, while others will handle the trial but not appeals.
Duties Of Attorney And Client
Sometimes, the attorney may have to make some decisions without discussing them with the client. The agreement should state the decisions that the attorney can make alone and the decisions that require the approval of the client.
Termination Of Contract
It is important to have a termination clause in the agreement. The agreement should describe how the parties can end their relationship. It should also mention the grounds for termination, such as failure to meet expectations.
Final Thoughts
Knowledge about the things that will be included in a lawyer’s contract can come in handy when you or a friend is in need of their service.
The contingency fee structure is unique, and not everyone knows about it. Remember that only personal injury lawyers use contingency fee arrangements. This is the best type of fee arrangement, as it greatly helps the client.
