How much of my settlement do I get?
After you agree to settle your case for an amount, the check will be sent to you attorney’s office. After receiving the check the attorney will deposit it into their Trust of Escrow account. Next, it is the attorney’s responsibility to access what bills, costs and liens there are on your case that need to be repaid. There is a pecking order on which items are repaid first before you can receive your portion of the settlement.
- 1st Attorney’s fee & costs – fees are typically 33.3% but could be anywhere between 25%-45%, plus costs incurred in furthering your case.
- 2nd State & Federal liens – these could be if you owe child support, un-paid taxes, etc.
- 3rd Medical Bills – depending on the state your accident occurred and if you had insurance or not, there may be medical bills that need to be re-paid out of your settlement.
- 4th Pre-settlement funding – if you have received an advance on your case, your attorney will repay that for you. After these items are satisfied, the remaining money from your settlement can be distributed to you.