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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. Your attorney will also deduct his or her own share from the settlement funds for the legal services that he or she provided and for the advancement of any legal costs.
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
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.
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.
The average out of court settlement for a medical malpractice lawsuit is just over $425,000, while the average jury award is now over $1 Million.
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.
Unlike other professions, your attorney has access to and is the custodian of your money. And, just as there are those who act without concern for others, some lawyers steal client funds.
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