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The average amount of time to receive a settlement check after a release is signed is about five to six weeks. However, several factors can delay this process from the specific process at your insurance company to debts and payments that may hold up your payment.
An attorney may normally hold a settlement check until it clears, which frequently means 7-10 business days. If the attorney is attempting to negotiate on outstanding medical bills or liens, it may take a little longer for the settlement check
Usually, a settlement check is sent to the attorney of record. The attorney may hold the check in a trust or escrow account until it clears. This may take several days, especially if it is a large check.
Your settlement check may already be in the mail. If you've hired a lawyer, it's common practice for the settlement check and a release form to be sent in one package to the lawyer's office.
Sometimes referred to as a Client Security Trust Fund, every state has procedures to compensate victims when their attorneys violate their trust and steal from them. In partial response, Virginia passed a law requiring insurers to notify claimants when a settlement check was sent to their attorney. Many states do this.
Contingency Fee Percentages In the majority of cases, a personal injury lawyer will receive 33 percent (or one third) of any settlement or award. For example, if you receive a settlement offer of $30,000 from the at fault party's insurance company, you will receive $20,000 and your lawyer will receive $10,000.
As we mentioned before, most injured victims receive their settlement funds within about six weeks from the end of negotiations.
If you and the insurance company are able to agree on a fair settlement, the process to receive your check typically takes around four to six weeks. The insurance company will have you sign a release form.
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