Negotiating a settlement with an insurance company after a serious car accident can take months. After an auto accident attorney in Arlington, TX reaches an agreement with the insurer, the process of collecting the compensation begins. The lawyer’s client has already agreed to the payment the lawyer will receive, which is typically a specified percentage of the settlement. A standard fee is one-third of the settlement. For instance, the insurer may send a check to the injured person for $30,000 that covers repairs to or replacement of the car as well as medical expenses and lost wages. The injured person receives $20,000 and the lawyer receives $10,000 as a contingency fee. Some people worry that this contingency fee is a bit high, but they must remember that a settlement would likely be much lower without legal representation.
An auto accident attorney in Arlington, TX sends written correspondence verifying acceptance of the settlement and the insurer then sends a release form that the claimant must sign and return. This form states that the injured person has no further claim to additional compensation from the insurance company or the person who caused the accident. This is an essential point to consider during the course of the settlement process. It’s the reason a law firm such as David S. Kohm & Associates advises clients to wait until they have reached their full expected medical recovery, as determined by a doctor, before agreeing to compensation. When people accept money too soon, they risk not having additional funds to pay for another operation that may become necessary or additional treatments and therapy.
The insurer typically writes the check out to the attorney as well as the claimant. The attorney subtracts the contingency fee and then pays the client the balance. The insurer may pay the medical care providers directly and send the balance of the settlement to the claimant and the lawyer, which ensures that the compensation is used as agreed upon. The balance paid to the injured person covers aspects such as loss of income during recovery, permanent disability or amputation, and emotional pain and suffering. More information on auto accident settlements is available at the website .
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