If you are here then you probably are an aspiring lawyer or even a student who is practicing law. You might be curious as to how much a personal injury law firm makes.
The law field is highly variant and there are a lot of differences for those who earn through this field.
Even through settlement and verdicts it might be hard to tell how much a firm earns as the money and cases vary on a large basis.
Why does a personal injury law firm attract so much attention?
Personal injury is one of those areas of law where even the clients tend to take interest to know how much they make.
Personal injury cases are mostly based on the fee of contingency meaning that the firm doesn’t charge the client unless the compensation is acquired.
As the cases are mostly in millions of dollars this causes curiosity in all minds.
The Bureau of Labor Statistics has estimated that in the year 2024 the number of legal jobs will tend to increase and the lawyer jobs will be around 43,000. Most of the personal injury law firms take a fee of 30-40 percent as a contingency pay.
Let’s say that a verdict is reached and the amount paid to the client must be $90,000 then the law firm from that particular case makes around $30,000.
On average a personal injury lawyer salary is around $73,000 per annum.
Most of the contingency cases mainly depend on the type of case or even the geographic location and lot more which makes it easy money for the law firm.
It is very important for the client and also the firm to discuss the contingency fee and reach on common terms before they are to take the case.
Most firms of personal injury tend to deduct the fees based on medical records or filing fees and even expert witnesses.