How Much Do Solicitors Take From Compensation?

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How much do solicitors take from compensation?

We understand that you may be concerned about your award of compensation being taken up by legal fees, most notably solicitor fees. At Beacon Law, our law firm uses no win no fee agreements. No win no fee claims mean that if your claim for personal injury compensation is unsuccessful, you will not be expected to pay the legal costs of bringing a claim. If you are wondering ‘how much do solicitors take from compensation?’, please read the information below.

What are the legal costs if my claim is successful?

If your personal injuries compensation claim is successful, law firms will charge a success fee. There may be other legal costs that you will be required to cover if your claim is successful too. For example, the defendant will only be required to make a contribution to your legal fees; they will not be required to cover all of your legal costs.

This means that, depending on what your solicitors charge, you will need to pay your solicitor the outstanding solicitor fees to the extent that the defendant has not paid them. These legal costs could include court fees, solicitor fees, and the cost of producing a medical report.

How do I pay the legal costs?

When personal injury claims are successful, personal injury lawyers will receive the compensation settlement that has been awarded. The personal injury lawyers will then deduct the success fee, legal fees, and other expenses from this compensation amount. After the success fee and other costs have been deducted, you will then receive the remainder of the personal injury compensation that has been awarded. This goes for accident claims, medical negligence claims, other negligence claims, or any other type of personal injury claims.

At Beacon Law, we understand that you should not be left under financial pressure or strain after suffering a personal injury. We, therefore, ensure that our clients will not encounter any hidden legal costs or legal fees along the way during their personal injury compensation claim. Our personal injury lawyers will discuss the details of the legal costs you may be required to pay whilst they are providing legal advice at the beginning of the claims process so that you don’t have any surprise legal expenses arise.

How much do solicitors take from compensation if the claim is successful?

Personal injury lawyers will deduct the success fee and outstanding legal costs from the sum of compensation that has been awarded. The amount that a solicitor can take from the value of compensation awarded has been capped at 25%. A common misconception is that personal injury lawyers will automatically deduct 25% of a success fee. This is not the case, however.

Sometimes, the legal costs and success fee may not amount to 25% of the value of compensation awarded. In this case, the solicitor will deduct less than 25% from the compensation value that has been awarded.

Rest assured, when our personal injury lawyers provide you with legal advice regarding your claim, they will ensure that you have been informed about the legal fees and other expenses that you will be required to cover if your compensation claim is successful.

Are there alternative ways to fund my claim?

In the majority of cases, personal injury compensation claims are funded using no win no fee agreements with legal protection insurance that has been set up by your solicitor. At the start of your no win no fee claim, your solicitor will take out an insurance policy on your behalf unless you already have a policy in place. All no win no fee claims must have the appropriate legal protection insurance in place. This insurance means that, if your claim is unsuccessful, you will not be required to pay any solicitor fees or any other legal costs and expenses.

If your claim is unsuccessful, the insurance policy that has been taken out will pay the other side’s legal costs. If your claim is successful, the insurance premium will be deducted from your compensation. Remember, however, that the amount that a solicitor can deduct is always limited to 25% of the amount of compensation awarded.

As mentioned, in most cases, your personal injury solicitor will set up the legal protection insurance on your behalf at the beginning of the claims process. There can, however, be other ways for this to be set up.

For example, some Trade Union membership packages include legal protection insurance. If your trade union membership does include legal protection insurance, your personal injury solicitor will check that the policy that you have offers the relevant protection for a no win no fees claim. When using legal protection insurance that has been provided by a trade union membership, if your claim is successful, there will not be an insurance premium to pay. This, therefore, means that, if your claim is successful, you will be able to keep more of the sum of compensation that has been awarded.

In some circumstances, you may also be eligible to receive legal aid. If this is the case, your legal aid will cover all of the legal costs and other expenses you have incurred whilst making your personal injury compensation claim. Therefore, if your claim is successful, you will be able to keep the full amount of compensation that has been awarded.

You may also already have your own legal protection insurance. This is sometimes available as part of your home insurance or motor insurance policies. It may also be available if you are a credit card holder. If you do already have your own legal protection insurance, your solicitor will check whether your policy provides the relevant protection for a no win no fee claim. If your policy does provide the protection that is needed for making a no win no fee claim, your solicitor will use this legal protection insurance instead, rather than taking out another policy on your behalf.

When using your own legal protection insurance, and your claim for personal injury compensation is successful, you will not be charged an insurance premium. This would therefore mean that you would be able to keep a larger amount of the compensation amount that has been awarded, as the cost of the insurance premium will not be deducted by your solicitor.

What are the time limits for making a no win no fee claim for compensation?

To bring a no win no fee claim for compensation, you must have suffered your personal injury within the last three years. The personal injury that you suffered must have been wholly or partially the fault of someone else. If the injury was partially the fault of someone else, meaning that you were also partially at fault, the amount of compensation that you will be awarded will be reduced to reflect your contribution in the accident.

The time limit rule is slightly different for people under the age of 18. For example, if you were over the age of 18 at the time of the incident, you have three years from the date of the incident to bring a personal injury claim. If, however, you were under the age of 18 at the time of the incident, you have three years from the date of your 18th birthday until the date of your 21st birthday to bring a personal injury compensation claim.

Due to the strict time limits on bringing personal injury compensation claims, it is important to contact us as soon as possible, where our experienced solicitors can discuss your options regarding commencing with the claims process.

Why choose Beacon Law?

We understand that no win no claim agreements can be confusing. We take the time to make sure all of our clients are fully informed about the potential costs of bringing a claim so that there are no surprises along the way.

Whilst pursuing a personal injury claim, Beacon Law can be your source of support and will help you recover the sum of compensation that you deserve. We understand that the process of making a personal injury claim can be difficult, so we will be there to guide you every step of the way.

Our personal injury solicitors will provide expert legal advice for many types of claims, including injuries arising from an accident at work, road traffic accident claims, medical negligence claims, and many more.

After suffering an injury, we believe you should be entitled to the best possible medical care and support, and we endeavour to provide this to our clients. Due to our association with medical professionals, we are able to provide you with private physiotherapy and rehabilitative treatment to assist you in your recovery.

We value each client that we have the pleasure of working with, listen carefully to our clients’ wishes, and aim to complete your claim in a timely manner so that you can receive the compensation that you deserve as soon as possible, without any hidden costs involved. If you are thinking ‘how much do solicitors take from compensation?’, call one of our specialist personal injury lawyers today on 0330 1332 857 or complete our online enquiry form for more information on the matter.

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Cheadle

Cheshire

SK8 1PY