The personal injury lawyer in Harford County, MD has successfully negotiated a reasonable settlement with the insurance company. What happens next? The client has already been informed about how the payment process works, but they are undoubtedly eager to receive the money as soon as possible. It’s time for a review of how the compensation is distributed.
Settlements and Contingency Fees
Generally, the insurance company sends the check to the personal injury lawyer in Harford County, MD so the attorney can take the contingency fee from the settlement. Usually, that fee is one-third of the settlement, although this can vary depending on the contract. If the compensation total is $30,000, for example, the lawyer receives $10,000 and the client $20,000.
Lump Sums and Structured Settlements
With an amount like this, which is relatively small for an insurer, it should be paid in a lump sum sent to an organization such as the Law Offices of Markey & Orsi. When compensation is much higher, the insurance company may insist on a structured settlement. A settlement of $300,000 might be paid over time instead of all at once. Although there are some disadvantages for the client, it can also feel reassuring to know that money will continue coming in for a certain amount of time.
Time Frame for Check Arrival
Although there may be significant delays during the negotiation process, once the amount has been agreed on, the check should arrive quickly. At most, the plaintiff should have the money within two months, and it may arrive within two weeks. The lawyer will not let a nonpayment situation continue longer than is normal without contacting the insurer.
Settlements vs. Court
This is a noteworthy difference from how payments are distributed after an injury case goes to court. The jury may award a certain dollar amount to the plaintiff, but the defendant may decide to appeal. That can delay the compensation payment for quite some time, which is one of the reasons so many cases are settled out of court. Anyone needing assistance with a personal injury case can get started at the website Markeyorsilaw.com.
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