Can You Negotiate Attorney Fees After the Structured Settlement is Established?

Structured settlements are a popular way for plaintiffs to receive settlements for personal injury cases. These settlements are usually agreed upon after a negotiation process between the plaintiff and the defendant, and they provide the plaintiff with long-term financial security. However, the process of negotiating an attorney's fees for their work is not always clear cut. In this article, we’ll explore whether it's possible to negotiate attorney fees after a structured settlement has been established.

First, it's important to understand what structured settlements are. In a structured settlement, instead of receiving a lump sum payment up front, the plaintiff is paid out over a specific period of time. These payments are typically made through an annuity, which is a financial product that provides a fixed income stream over a set period of time. The defendant pays a lump sum premium to an insurance company, which then makes the payments to the plaintiff over time.

The benefits of structured settlements are numerous. For plaintiffs, the ability to receive a steady stream of income over a long period of time can provide financial security and stability. Because the payments are guaranteed, there is no risk of the money running out. Additionally, structured settlements can provide tax benefits, depending on the circumstances.

However, there are some potential downsides to structured settlements as well. One of these is the potential for high attorney fees. Because structured settlements involve a lengthy negotiation process, attorneys may charge higher rates for their work. Additionally, because the settlement is paid out over time, it can be difficult to determine the appropriate fee for the attorney's work.

So, is it possible to negotiate attorney fees after a structured settlement has been established? The short answer is yes, but it can be a complex process. Typically, if you want to negotiate attorney fees, you should do so before the structured settlement is finalized. Once the settlement is established, it can be difficult to change the terms.

However, there are some exceptions to this rule. For example, if the attorney has made errors in their work or if they have overcharged for their services, you may be able to negotiate a lower fee. Additionally, if there were unexpected costs associated with the case that were not factored into the initial fee agreement, you may be able to negotiate a higher fee to cover those costs.

To negotiate attorney fees, it's important to have a clear understanding of what work the attorney has done and what their fees are. You should also have a clear understanding of what you are willing to pay and what you think is a fair price for the attorney's work. If you are not comfortable negotiating on your own, you may want to consider hiring a professional negotiator to help you.

If you do decide to negotiate attorney fees after a structured settlement has been established, be aware that it can be a time-consuming and difficult process. It's important to be patient and persistent, and to be prepared to negotiate multiple times before reaching an agreement.

In conclusion, while it is possible to negotiate attorney fees after a structured settlement has been established, it can be a complex and difficult process. It's important to have a clear understanding of what work the attorney has done and what their fees are, and to be prepared to negotiate multiple times before reaching an agreement. However, if done correctly, negotiating attorney fees can help ensure that you are paying a fair price for the attorney's work.

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