What are contingent fees?
A client pays a contingent fees to a lawyer only if the lawyer handles a case successfully. Lawyers and clients use this arrangement only in cases where money is being claimed—most often in cases involving personal injury or workers’ compensation.
In a contingent fee arrangement, the lawyer agrees to accept a fixed percentage (often one third) of the recovery, which is the amount finally paid to the client. If you win the case, the lawyer’s fee comes out of the money awarded to you. If you lose, neither you nor the lawyer will get any money, but you will not be required to pay your attorney for the work done on the case.
This means, when you hire an attorney for your car accident claim, you will not have to pay upfront costs to retain their legal services. Once your car accident lawyer is able to help you get a fair settlement from your insurance claim you will be able to pay for the services rendered.
Working with an attorney helps you to speak with insurance adjusters and navigate the claims process so you are able to get enough money ti covered your medical expenses and other costs following an auto accident. Do not get overwhelmed by your growing medical bills while trying to care for your car accident injuries, instead hire attorney Lanease Fuller
How Do I Calculate My Projected Insurance Settlement?
Damages Overview: Special and General Damages
To understand how the multiplier method works, you first need to understand what kinds of damages (monetary compensation for harm) are typically available after a car accident. Car accident damages can mostly be grouped as “special” (often called economic) and “general” (or non-economic). (Punitive damages are rarely available in car accident cases.)
Special damages are financial losses related to the accident. Common categories of special damages include:
- the cost of medical treatment (past and future)
- the cost of repairing or replacing damaged property, and
- lost wages and earning capacity.
General damages are non-monetary losses. They tend to be much harder to calculate than special damages because they are more subjective. General damages can include:
- pain and suffering
- emotional distress, and
- lowered quality of life (loss of enjoyment).
The “Multiplier” Method
Given the insurance industry’s obsession with statistics, and the fact that there were approximately 6,756,000 traffic crashes in 2019, you might assume that there’s a universal formula to determine the value of a car accident claim. But no two car accident claims are exactly the same. So, instead of a universal formula, insurance adjusters rely on the multiplier method to estimate the value of a claim and kick off settlement negotiations.
The Multiplier Method Formula
In this kind of calculation, the adjuster:
- totals up the car accident claimant’s medical bills stemming from the accident (sometimes called “medical special damages”)
- multiplies that number by a certain factor (typically between 1 and 5) to get an estimated value of the claimant’s harder-to-quantify general damages (like pain and suffering), and
- adds the medical special damages, estimated general damages, and any lost earnings and future lost income together to arrive at an overall estimate of the car accident claim.
Experienced Car Accident Attorney in Houston, Texas
Attorney Fuller is a seasoned attorney with nearly three decades of experience representing a wide range of clients. This includes individuals who have suffered an injury due to another’s actions, individuals facing criminal charges, those who have been arrested for DWI, individuals who have found themselves in a civil litigation dispute, and those looking for legal guidance in business.
After filling out a client intake form, Attorney Lanease D. Fuller will take appropriate action in your case to help you get the results you are looking for. This includes but not limited to gathering evidence, going to trial, and earning a settlement that is appropriate for your specific situation. Reach out to us today to take the first step towards settling your case.