Common Misconceptions About Attorney Fees in Structured Settlements
Introduction
Structured settlements are a popular way to settle personal injury and wrongful death lawsuits. They provide injured parties with a regular stream of income over a specified period of time, instead of a lump-sum payment. One of the biggest misconceptions about structured settlements is the cost associated with hiring an attorney. In this article, we will explore some of the common misconceptions about attorney fees in structured settlements.
Myth #1: Attorneys Are Paid a Percentage of the Total Settlement Amount
Many people mistakenly believe that attorneys are paid a percentage of the total settlement amount in a structured settlement. However, this is not the case. Structured settlement attorneys are usually paid a flat fee, which is negotiated between the attorney and the client. The fee is typically a percentage of the settlement money that the attorney helps the client obtain.
Myth #2: Attorneys Get Paid Regardless of the Outcome
Another common misconception is that attorneys get paid regardless of the outcome of the case. This is also untrue. Structured settlement attorneys typically work on a contingency basis, which means they only get paid if the client receives a settlement. If the client does not receive a settlement, the attorney does not get paid.
Myth #3: Attorneys’ Fees Are Deducted from Settlement Funds
Some people believe that attorneys’ fees are deducted from the structured settlement funds that are awarded to the client. However, this is not the case either. Attorneys’ fees are usually paid separately by the client. The fee is negotiated before any settlement money is awarded, and is typically deducted from the overall settlement amount.
Myth #4: Attorneys’ Fees Are Expensive
Many people mistakenly believe that hiring a structured settlement attorney is expensive. While it is true that structured settlement attorneys charge a fee, it is often worth it to have an experienced attorney on your side. An attorney can help you navigate the complex legal process of obtaining a structured settlement, and can help ensure that you receive the maximum amount of compensation.
Myth #5: You Don’t Need an Attorney for a Structured Settlement
Finally, some people believe that they do not need an attorney for a structured settlement. However, this is not always the case. While it is possible to obtain a structured settlement without an attorney, it is often in the best interest of the injured party to have legal representation. An attorney can help ensure that the settlement is fair and just, and can help protect the injured party’s rights.
Conclusion
In conclusion, it is important to separate fact from fiction when it comes to structured settlements and attorney fees. Structured settlement attorneys are typically paid a flat fee, work on a contingency basis, and are paid separately from settlement funds. Hiring an attorney for a structured settlement is often the best course of action, as it can help ensure that the injured party receives the compensation they deserve. Don’t believe the common myths about attorney fees in structured settlements – contact an experienced attorney today to learn more.