Norden Leacox Accident & Injury Law | May 20, 2024 | Personal Injury
When you or a loved one has been injured due to someone else’s negligence, you may be able to settle your personal injury case. Understanding how your personal injury settlement is calculated and how much goes into your pocket is important.
Personal injury lawyers help personal injury victims understand settlements, including how settlements are paid out for claims.
Several factors influence how much of a personal injury settlement goes into your pocket. Important factors include:
Severity of Injuries and Damages in Orlando, FLa
The compensation you receive in a settlement depends primarily on the severity of your injuries and damages.
Your damages may generally be classified into two categories:
- Economic damages: These include tangible losses such as medical expenses, lost wages, and property damage. The more severe the injury, the higher these costs typically are, which can increase the settlement amount. This is particularly relevant if you are facing long-term or permanent disability from your injuries.
- Non-economic damages: These cover intangible losses such as pain and suffering, emotional distress, and loss of enjoyment of life. These damages are subjective and vary significantly from one case to another but are very real. Non-economic damages are a significant factor in personal injury settlements.
Every case is different. The facts associated with your accident and injury will determine the value of the economic and non-economic damages that may be available. Orlando personal injury lawyers can help you calculate these losses and determine how much to ask for in a personal injury settlement.
Medical Liens and Subrogation Claims
Medical bills after an accident may be paid from different sources. It is common for bills to be paid from health insurance, workers’ compensation, or government programs such as Medicare or Medicaid. If so, these entities may have a lien on your settlement. This means they are entitled to be reimbursed from your settlement for the amounts they paid toward your accident-related medical care.
An Orlando personal injury lawyer can help you understand the total amount of liens involved in your case or even negotiate them for lower amounts. This directly affects how much goes into your pocket.
Attorneys’ Fees and Contingency Arrangements in Orlando, FL
Most personal injury lawyers work on a contingency fee. This means they receive a fixed percentage of the final settlement or trial award they win for you. But what percentage does a lawyer get in a settlement case? Contingency fees can vary, but most Orlando personal injury lawyers charge a fee between 25 and 40 percent.
An Orlando personal injury lawyer will explain the contingency fees associated with taking your case during a free initial consultation so you know exactly what percentage lawyers take.
Out-of-Pocket Expenses in Orlando, FL
Other deductions may apply to your case. Aside from liens and contingency fees, other expenses may include out-of-pocket costs incurred in your case. This includes costs associated with investigation, travel, experts, and filing or service court documents. These may be paid upfront or deducted from your settlement.
Settlement Distribution
Once all deductions are accounted for, you take home the remaining amount. This final amount is often outlined in a settlement agreement between you and the other parties involved.
But how are personal injury settlements paid out? Your settlement agreement will often outline terms, but most settlements are paid directly to you via certified check.
A Personal Injury Lawyer Can Help With the Settlement Process
Understanding the breakdown of a personal injury settlement is important. You deserve to have realistic expectations regarding the amount you may receive.
An Orlando personal injury lawyer can discuss the details of your injury and how a potential settlement may be calculated during a free consultation. This will help you know what you may expect to receive after all deductions and costs are factored in.
Contact a Personal Injury lawyer at Norden Leacox Accident & Injury Law Today
For more information, please contact Norden Leacox Accident & Injury Law to schedule a free consultation. We have five convenient locations in Florida, including Orlando, Palm Bay, Melbourne, Cocoa, and Titusville.
Orlando, FL Office
964 Lake Baldwin Ln Ste. 200, Orlando, FL 32814, United States
407-801-3000
Palm Bay, FL Office
4620 Lipscomb Street N.E Suite #3K, Palm Bay, FL 32905, United States
321-677-5964
Melbourne, FL Office
1600 W Eau Gallie Blvd #205j, Melbourne, FL 32935, United States
321-450-7134
Cocoa, FL Office
717 S Cocoa Blvd STE 203, Cocoa, FL 32922, United States
321-449-8042
Titusville, FL Office
4527 S Hopkins Ave Suite B, Titusville, FL 32780, United States
407-801-3000