What is the Cost of Your Personal Injury Services?
Passaic County, NJ Personal Injury Attorneys
Individuals who have been injured in an accident are often concerned about their finances, and rightly so. Health care costs are at a staggering high in New Jersey, and especially if your injuries have left you unable to work either temporarily or permanently, these expenses can put a massive strain on your family’s financial stability.
For this reason, many injury victims are hesitant to work with a personal injury attorney, as they are concerned about the added cost of their services.
However, the good news is that the personal injury attorneys of Fredson and Statmore operate on a contingency fee basis. This means that we cover all of the expenses associated with your personal injury claim, including the expense of our legal representation, and only take payment for those expenses upon securing you a recovery. No recovery, no expense to you.
This allows for injury victims to obtain the experienced legal representation often necessary to securing the financial compensation they need and deserve, even when those injuries leave their finances in a state of disarray.
How Do Contingency Fees Work in New Jersey?
Clifton, NJ Accident and Injury Attorneys
Each state differs when it comes to contingency fee laws. In New Jersey, contingency fees are capped at 33 1/3% of the net recovery for adults, and 25% of the net recovery for injured minors. This means that if our attorneys secure you a $500,000 settlement, but spent $10,000 on court fees and expert testimony and consultation, your net recovery would be $490,000, and our contingency fees would be subtracted from this number.
While this initially may seem like a lot, it is critical that you keep in mind several key factors:
1. New Jersey actually has one of the lowest contingency fee caps in the country. In many states, contingency fees can be as much as 45%!
2. Your attorney will usually be able to secure you a much greater settlement than you would have been able to without legal representation, if you secure one at all. Many times, this increase in total recoveries will actually pay for your attorney’s services, and often more!
3. Your attorney is running the risk of not being able to make a recovery at all. If, for any reason, your case falls apart, your attorney will have spent a great deal of their own money on legal fees and expert testimonies, as well as their own time, and they alone will be responsible for these costs, at no expense to you.
Contingency Fee Options
Wayne, NJ Personal Injury Attorneys
Now that we have a better understanding of contingency fees, and how they work, it is also important to know that you have a variety of options when coming to a contingency fee agreement with your attorney.
First and foremost is that by law, you and your attorney cannot enter into a contingency fee agreement without first discussing your ability to pay for their services up front. While many injury victims may not be in a position to assume this up front cost, it is still an option.
The second is that you and your attorney can agree to a “sliding scale” contingency fee agreement, meaning that for the first $100,000 recovered, for example, the contingency fee will be X, while for recoveries over $500,000, the contingency fee will be Y. It is up to your and your personal injury attorney to discuss your options, and what may work best for both parties.
Contact Our Passaic County Personal Injury Attorneys Today
At The Law Office of Fredson and Statmore, our attorneys have extensive experience helping clients across Wayne, Clifton, Paterson, West Milford, and the greater Passaic County area to successfully recover full and fair compensation in personal injury claims of all kinds.
By working on a contingency fee basis, we can represent your claim to difficult-to-deal-with insurance companies while helping you to protect your family’s financial stability throughout the claims process.
To speak with our firm today in a free and confidential consultation regarding your accident, your options for recovering compensation, or your options for retaining our services, please contact us online, or through our Clifton, NJ office at (973) 777-8600.