How do Personal Injury Attorneys Get Paid?
Most personal injury attorneys receive compensation on a contingent fee basis. Contingent fee basis means that an attorney will only be compensated upon the successful completion of the personal injury case. In other words, if you do not recover any monies on your personal injury case than the attorney receives $0.00 in compensation.
In addition, the rate of compensation an attorney can charge is limited by New Jersey Court Rule 1:21-7. R. 1:21-7, titled “Contingent Fee,” limits an attorney’s rate of recovery to 331/3% (.3333) for adult victims (fee schedule changes for minors on settlements).
The fee schedule is as follows:
(1) 33⅓% on the first $750,000 recovered;
(2) 30% on the next $750,000 recovered;
(3) 25% on the next $750,000 recovered;
(4) 20% on the next $750,000; and
*All settlements in excess of 3 million dollars require court approval.
If you have been hurt in an accident, you need to speak to an experienced personal injury attorney that cares. Give Dan T. Matrafajlo, Esq of Beninato and Matrafajlo