What Percentage Do Truck Accident Attorneys Take?
Legally Reviewed and Edited by: Terry Cochran
If you are involved in a truck accident in Michigan, enlist the help of a truck attorney to navigate the legal landscape of your case. When you sustain injuries in an accident caused by a negligent driver, you may be entitled to compensation.
If you decide to move forward with a car accident lawsuit, you need to know what percentage of a potential settlement your attorney takes for their legal fees. Learn why it is important to work with a truck accident attorney following a truck collision and what percentage your attorney can take in legal fees from your settlement.
Why Hire a Truck Accident Attorney?
Hiring an experienced truck accident attorney gives you the legal representation needed to seek fair compensation for your injuries. Without a truck accident attorney, it is difficult to protect your rights following accidents involving large commercial trucks or semis. This is due to the complex nature of truck accidents.
Large truck accidents often cause significant property damage and catastrophic injuries. They also often involve several vehicles, complicating the legal process and making it more challenging to prove fault.
Multiple causes can contribute to truck accidents that indicate several potentially responsible parties. Truck accidents often result from:
- Human error such as speeding, distracted driving or falling asleep at the wheel.
- Equipment failure due to poorly manufactured products.
- Equipment failure due to mechanics or drivers not inspecting vehicles and parts.
- Failure by the trucking company or driver to adhere to federal or state requirements.
A skilled truck accident attorney at Cochran, Kroll & Associates, P.C. knows how to navigate these complex issues and gather the evidence needed to support your personal injury claim.
Your personal injury lawyer can help you pursue fair compensation with an out-of-court settlement or trial case.
What to Expect When Working With a Truck Accident Attorney
The first step in hiring a truck accident attorney is to schedule a consultation. Our consultation process is straightforward at Cochran, Kroll, & Associates P.C.
To ensure every truck accident victim has access to legal representation, Cochran, Kroll, & Associates P.C. offers those seeking counsel a free initial consultation. Our legal team recognizes that you may be facing expensive medical bills or lost work due to a personal injury accident involving a large truck or commercial motor vehicle.
Your initial consultation is free of charge, allowing you to seek counsel even if you don’t have the out-of-pocket funds to pay upfront. To accommodate your needs, your consultation can take place over the phone, over the internet, or in person at your home or hospital room.
During your free, confidential consultation, your attorney reviews your case. One of our skilled attorneys ensures you are within the statute of limitations for filing. They also assess the circumstances of your accident to ascertain whether negligence on the part of the truck driver or other party is provable.
Contingency fee agreement
If your consulting lawyer agrees to take on your case and you decide to proceed, you will sign a contingency fee agreement. The contingency fee agreement states that your lawyer only receives compensation for their services if you win a settlement or damages.
The agreement details what percentage of your settlement your lawyer will take if you win and absolves you of any fees if you lose your case.
Initiate the legal process
Once your contingency fee agreement is in place, your truck accident attorney initiates the legal proceedings for your case. They gather evidence related to your accident, including proof of incurred expenses such as medical bills and missed work.
They also gather evidence of pain and suffering you’ve experienced as a result of the accident and negotiate with the defendant’s insurance company to come to a fair settlement agreement if possible.
How Much Do Truck Accident Attorneys Cost?
At Cochran, Kroll, & Associates P.C., your truck accident attorney cost depends on the amount of your settlement and the percentage you and your lawyer agree to before working together.
In Michigan, the State Bar outlines the Rules of Professional Conduct relating to legal fees, stating that lawyers cannot charge their clients an”excessive amount. A reasonable amount is determined based on several factors, including the time and labor the case demands, fees charged locally for similar legal services, and whether the fee is fixed or contingent.
Michigan law caps your attorney’s contingency fee at ⅓ of your recovery amount after advanced costs are deducted. Attorney’s are allowed to advance costs for litigation and then deduct the costs before determining the contingency fee. Costs include filing fees, medical record collection and witness fees. For example, if you settle your claim for $100,000 and incurred legal advanced costs of $10,000, the attorney fee is based upon the $90,000 net recovery after costs. If you receive $90,000 in the net recovery, your attorney receives a maximum of $30,000, leaving you with a $60,000 settlement check. This applies to any personal injury or wrongful death case tried in Michigan, even if the client resides in a state with a different contingency fee limit.
Consult with your personal injury attorney about their legal fees before deciding to hire them to represent your case. Ask about their contingency fees and ensure you understand exactly what services you will receive, what percentage of your settlement you will pay out for legal fees, and any other associated fees you may be responsible for.
By preparing yourself ahead of time, you should know how much your lawyer will cost before you officially file a lawsuit for your personal injury case.
The Benefits of a Contingency Fee Arrangement
Signing a contingency fee arrangement allows you to seek monetary compensation to cover your accident-related expenses without coming up with the funds upfront. This is essential when faced with debilitating injuries, medical expenses, and emotional turmoil.
If you cannot work due to the negligence of a truck driver or trucking company, a contingency arrangement relieves you of the financial burden of paying your legal bills out of pocket.
A contingency fee arrangement ensures your lawyer only takes on your case if they believe you can win. Because your attorney is only paid if you succeed, it also gives your legal team an extra incentive to fight for your rights and use a winning legal strategy to pursue fair compensation.
Despite this fact, there is still a chance that you may not win your case. This is one of the most significant factors behind a high contingency fee percentage.
What Do Legal Fees Include?
It is also helpful to consider the expenses associated with filing a lawsuit. This can help you understand what your payment goes toward if you win.
Under a contingency fee agreement, your legal team incurs all the associated legal costs of your case costs until you win your settlement. Legal expenses can include:
- Hours of labor put into the case
- Preparing and filing legal documents
- Gathering evidence and performing research
- Time spent negotiating with defendant’s legal team and insurance company
- Preparing for trial if not settled out of court
- Calling witnesses and experts to the stand during a trial
Much of your 33⅓% contingency fee goes toward paying for these expenses after your attorneys have won your case.
Contact Cochran, Kroll, & Associates, P.C. to Arrange Your Free Consultation
When you suffer injuries due to a semi-truck or tractor-trailer collision, it is important to obtain legal representation to protect your rights to compensation. The truck accident attorneys with Cochran, Kroll, & Associates, P.C. are experienced in the field of commercial truck accidents and are equipped to seek recompense on your behalf.
Our contingency fee basis means we only get paid if we win your case, so there is no financial risk to you to get started. Call our law firm today at 866-MICH-LAW and schedule your no-obligation, free case evaluation.
Disclaimer : The information provided is general and not for legal advice. The blogs are not intended to provide legal counsel and no attorney-client relationship is created nor intended.