Do all NY Personal Injury Lawyers Charge the Same Fees?
Most reputable New York personal injury lawyers charge a type of fee called a “contingency” fee. A “contingency” fee refers to an arrangement in which the personal injury law firm will only charge a fee, calculated as a percentage of the compensation awarded to you, if your case is successful. This means that, unless you recover compensation in your personal injury case – whether through a settlement, a jury verdict, an arbitration, a mediation, or any other way – the personal injury lawyer does not take one penny as a legal fee from you.
The standard percentage charged by reputable New York personal injury lawyers in most personal injury cases is one third (33.33%) of the compensation awarded. This contingency fee percentage is set by the New York Courts (and, more specifically, the Appellate Division) in 22 N.Y.C.R.R. § 806.27, a law that provides the legal parameters for contingency fee retainers for attorneys practicing in the State of New York. In states outside of New York, this percentage can be higher, sometimes equal to 40% or more of the client’s compensation.
In New York medical malpractice cases, the contingency fee percentage is less than the standard “one third” used in non-medical malpractice cases. Section 474-a of the New York Judiciary Law specifies that, in New York medical malpractice cases, personal injury lawyers must charge only the following maximum percentages: (i) 30% of the first $250,000.00 recovered; (ii) 25% of the next $250,000.00 recovered; (iii) 20% of the next $500,000.00 recovered; (iv) 15% of the next $250,000.00 recovered; and (v) 10% of any amount recovered over $1,250,000.00. Especially in large medical malpractice cases, the contingency fee percentage comes out to far less than the 33.33% charged in non-medical malpractice New York personal injury cases.
The “contingency” fee arrangement allows personal injury accident victims to hire top personal injury lawyers without having to pay hefty legal fees out of their own pocket that most individual people cannot afford to pay. In this way, it is an equalizer between personal injury accident victims and wrongdoers, who often have deep-pocketed insurance companies and armies of well-financed defense attorneys on their side whose mission it is to prevent injured people from being fairly compensated when they are victimized by negligence. The “contingency” fee structure allows the injured victim to hire top personal injury lawyers who will be on their side and who will bear the costs of litigation on their behalf, which can be astronomical.
The “contingency” fee arrangement also allows personal injury accident victims peace of mind in knowing that their lawyers are truly on their side. This is because, with a “contingency” fee, the more money the client receives, the greater the personal injury lawyer’s fee; and so the client can be sure that their personal injury lawyer will get them the maximum amount of compensation that is available to them under the law, and will do so in the most-efficient way possible. Unlike lawyers who bill by the hour who have no financial stake in the outcome of their client’s case and who are paid more the longer a lawsuit lasts regardless of the ultimate outcome, lawyers who work on “contingency” are not incentivized to drag out a case nor to perform work with little or no value to the client’s chances of receiving fair compensation.
For a free consultation with a winning New York personal injury lawyer, all you have to do is call Jesse Minc at (718) 354-8000, or contact him by email through his website at personalinjurylawyersbronx.com. He has recovered millions for his clients, and will personally review your case to determine whether you may have a winning New York personal injury case.