Alejandro Figueroa | March 4, 2022 | Personal Injury
When another person causes your injury in an accident or other incident, you will likely want to know how much money you may receive for your personal injury claim. You may also want to know how personal injury settlements are paid out and what percentage the lawyer gets in a settlement case.
Several factors determine how much money goes into your pocket for a personal injury settlement. Let’s begin by analyzing how much your damages are worth.
Damages in a Tampa Personal Injury Settlement
When another party causes your injury, you may be entitled to several types of damages. Knowing how much to ask for in a personal injury settlement is important.
The damages for a personal injury claim may include:
- Loss of income, including decreases in future earning potential and future lost wages
- Permanent impairments and disabilities
- Physical pain and suffering
- Past and future cost of medical treatment
- Medical bills for physical, occupational, and vocational therapy
- Decrease in quality of life
- Mental anguish and emotional suffering
- Loss of enjoyment of life
The value of your damages depends on your economic losses, the severity of your injuries, and comparative fault (discussed next). The availability of insurance may also be a factor in how much you can receive for a personal injury settlement.
For illustration, let’s assume that your medical bills totaled $30,000, and your lost income totaled $40,000. After negotiations and counteroffers, we negotiate a car accident settlement of $240,000, which you agree to accept.
Florida’s Comparative Fault Laws
Florida is a pure comparative fault state. Therefore, Florida law reduces your compensation for a personal injury claim by your percentage of fault for causing your injury.
Let’s assume that you were partially to blame for the cause of a car accident because you were distracted at the time of the crash. The other driver is ninety percent at fault, and you are ten percent at fault.
According to Florida law, your compensation is reduced by ten percent or $24,000. Therefore, the total settlement amount for your car accident claim would be $216,000.
How Are Settlements Paid Out?
Before you receive money for your personal injury settlement, medical bills, case costs, and attorneys’ fees must be deducted from the settlement amount.
Medical Bills and Liens
Medical bills, medical liens, and subrogation claims must be paid. Subrogation claims in this context are claims by your health insurance provider for medical bills it paid related to the personal injury claim.
Your Tampa personal injury lawyer can try to negotiate lower amounts for medical liens and subrogation claims. Some medical providers and health insurance companies may be willing to take a lesser amount to satisfy their claim, but they are not required to do so.
In your case, let’s assume that the parties refused to negotiate. Therefore, you owe $30,000 in medical bills.
Costs of the Case
The costs of the case represent the expenses the attorney pays to investigate and pursue a personal injury claim. The costs increase if they need to file a personal injury lawsuit.
Therefore, your lawyer will try to settle your personal injury case without filing a lawsuit whenever possible. Settling a case through negotiations is often quicker than filing a lawsuit.
In your case, we will assume your lawyer settled the matter with the other driver’s insurance company with only $200 in costs.
Contingency Fees for a Personal Injury Case
Most personal injury lawyers handle cases on a contingency fee basis. You do not pay any money up front to hire a personal injury attorney. The attorney is paid after the case settles.
What percentage do lawyers take for attorneys’ fees? It depends on the agreement you make with the lawyer when you hire the law firm. The percentage of attorneys’ fees depends on several factors. For our example, we will assume that the contingency fee is 33% because we did not file a lawsuit.
Therefore, the attorneys’ fee for your case would be $79,200.
How Much of the Personal Injury Settlement Do You Receive?
In our example above, the numbers break down as:
- Settlement amount: $240,000
- Minus comparative fault reduction: $24,000
- Minus medical bills: $30,000
- Minus costs of the case: $200
- Minus attorneys’ fees: $79,200
After all deductions, you would receive a total of $106,600. This is the net amount that goes into your pocket from a settlement claim.
It is important to remember that each personal injury case is unique. The facts and circumstances of your case determine the amount of money you could receive for a settlement. Talking to a personal injury lawyer in Tampa is strongly advised if you sustained injuries in an accident or other personal injury incident.
Contact Our Personal Injury Law Firm in Tampa, FL
If you’ve been injured in an accident in Tampa, FL, and need legal help, contact our Tampa personal injury lawyers at Catania & Catania Injury Lawyers to schedule a free consultation.
Catania & Catania Injury Lawyers
Bank of America Plaza
101 E Kennedy Blvd #2400
Tampa, FL 33602
(813) 222-8656
We also provide legal assistance throughout the Tampa Bay Area including Clearwater, St. Petersburg, Sarasota, and Bradenton.
