Establishing an Affordable Fee Structure With Your Personal Injury Lawyer

Establishing an Affordable Fee Structure With Your Personal Injury Lawyer

One of the first steps individuals take when preparing to file ICBC claims after a car accident is to interview different law firms. ICBC settlements and claims can take a lot of time and effort, and you may need the expertise of an experienced personal injury lawyer to help you generate the best results from your claim. Many people, however, are concerned about the perceived high cost of legal fees, and you may be looking for a great way to keep these expenses as low as possible. These tips can help you to negotiate a great fee structure with your personal injury lawyer.

Consider the Pros and Cons of Different Methods
Most personal injury lawyers use one of three preferred rate structures. These are an hourly rate, a flat fee or a contingency fee. A contingency fee often is preferred by many clients, and this is because you will not pay a legal fee unless your attorney obtains a financial award for you. However, the contingency rate may be higher than the total compensation you would have otherwise paid with an hourly rate or flat fee. As you can see, there are pros and cons of each method to consider. A great option is to look for a personal injury lawyer that has a hybrid payment structure or that is willing to negotiate to establish this structure for your case.

Negotiate a Hybrid Rate Plan
Your personal injury lawyer will incur expenses for working on your case, regardless of the outcome. With this in mind, it makes sense to offer a nominal amount of compensation for time and overhead. Therefore, a flat or hourly rate may be used as base compensation regardless of whether the case is won or not. An hourly rate may be more fair and may encourage the professional to spend more time working on your claim. There may also be a contingency component to this hybrid rate plan that gives your attorney a nominal share of the compensation. This will further encourage him or her to strive for the best results. Because of the hybrid nature of the plan, both the base rate and the contingency rate may be reduced in comparison to a plan that only includes one type of compensation.

As you can see, there are different ways to negotiate an affordable fee structure with your personal injury lawyer. You do not want the fee structure to be so stringent that the attorney is not motivated to work on your case or so that it does not fairly compensate him or her for the level of education and experience attained. With these factors in mind, a hybrid structure may be a great option to consider. The Preszler Law Firm website has more online resources and references available.

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