Today’s world is filled with “smart shoppers” who look for the best deals wherever they can find them, ignoring any brand loyalty and saving as much as possible. That same trend is starting to find its way in the area of law, and Lawlor & Associates is fully embracing it with 25-35 Law.
Starting in 2019, Lawlor & Associates introduced 25-35 Law, designed to charge lower fees to clients. According to the Florida Bar, personal injury attorneys can charge 33.3% attorneys’ fees for a case that resolves before litigation and 40% for any recovery after litigation (Florida Bar – Consumer Pamphlet: Attorney’s Fees). Instead, Lawlor & Associates charges the client 25% and 35% instead of 33.3% and 40%, respectively.
Interestingly, the vast majority of personal injury victims who turn into clients for law firms do not consider the cost of the attorney, and the reason is likely because of the contingency fee structure. The idea behind a contingency fee is that the client does not have to come out-of-pocket for any costs or fees associated with securing the settlement/verdict of their case. Instead, once the case resolves, the attorney who paid the costs up front gets those costs back and their fee (usually 33.3% – 40%).
The purpose is noble, as it allows someone who was injured at no fault of their own to seek justice with a trained professional without having to have access to cash on hand to pay for that representation. Yet even though the client is not paying any costs or fees up front, they are still paying for the attorneys’ services as a portion of their case’s resolution.
The psychology of money saving and spending habits is fascinating, and you can read a great article on it here (Click Here). There is a major psychological difference between owing something out of one’s money before it was obtained versus after it was obtained. Thankfully at Lawlor & Associates, that “owed” amount can actually be less.
So why isn’t more thought put into the costs associated with hiring a personal injury attorney when the savings could be thousands of dollars for the injured client?
Americans are constantly looking for ways to save a few dollars here and there, because those extra dollars won’t be leaving their bank accounts. However, hiring a personal injury attorney doesn’t receive the same “money-saving” attention because there’s no money leaving the client’s bank account. For that reason, many clients don’t consider how much they will be paying their attorney, which can be a very costly decision.
Once you verify the experience of the attorneys you are considering for your personal injury case, find out how much they will charge! By far, the most common concern of a personal injury client is how much money they will ultimately see. The attorney’s experience can be a big factor in that, yes – but the attorney’s fees are definitely a big factor in that. So make sure you control what you can and find an attorney who charges less!
Hire experienced attorneys who also charge a lower fee – even though the money isn’t coming out your bank account, it’s still your money that pays for the attorneys. Lawlor & Associates realizes that clients are also “smart shoppers” and have the choice to pay less.
Contact us with any questions you may have!