If you have had to hire an attorney for a personal injury case, then you must be sure that you are tracking his or her fees. This guarantees that you are not paying for hidden costs that you were unaware of and ensures that you are working with an honest and trustworthy attorney in the end. Here's all the information that you need to know about how to successfully track your attorney's fees:
Hourly Fee Arrangements:
If your attorney is asking for an hourly fee for their services, then you have to be aware of what kind of payments come along with this. First of all, you will usually be required to pay a down payment, which is also known as the retainer. His or her hourly fees are deducted from this retainer until the amount has run out. If you are still in need of their services at this point, then you will begin paying the hourly rate versus relying on the down payment that you put down in the beginning. You will usually receive a monthly statement that indicates how much you owe for the hourly rate that month.
Filing a Lawsuit:
In most cases, filing a lawsuit is more expensive for you. Although the information about filing a lawsuit will be given to your attorney, you have a right to consult with them before they do this. First off, a lawsuit can take more time to process, which means more hourly fees that you will be paying your attorney in the end. A lawsuit also requires more experts to work on the case that you will end up paying for. Overall, not filing a lawsuit typically saves you money even though there is a chance you could lose the case. It is up to you to consult with your attorney to determine what the best option will be. Your attorney will see no added benefit for themselves no matter what the decision.
Checking the Statement:
When you receive your monthly statement in the mail, you want to be sure that you go over each line. First off, you should notice the total for the hourly rate paid to your attorney. After this, take note of the additional fees. You want to know who performed the services that you are paying for, as well as how much time it took. If these things are not listed, you should speak with your attorney to get that information. This guarantees that you know what you are paying for. Also listed in the monthly statement should be the total of the remaining retainer, if any, and the total balance owed.
By knowing some of these things about attorney fees, you can be more comfortable knowing what exactly you are paying for. This is going to ensure that you feel like your money is not going to waste. For more information, contact a local lawyer, like Richard M Altman.