What happens when my lawyer settles my case?
How long do I have to wait before receiving my settlement?
Once your personal injury attorney successfully settles your case, there are a few things that must occur before you receive your settlement funds.
First, the insurance will mail your attorney a check for the settlement. This is the entire fee that your attorney has recovered for your case. For example, if your case settles for $75,000.00, your attorney will receive a check for this whole amount.
Now the attorney will take this check and deposit the funds into escrow – a special bank account separate from his account, while funds are appropriately distributed from the settlement.
If there are no medical liens involved in your case, settlement proceeds should be disbursed to you quite quickly. The attorney will issue you a check for the amount after deducting his legal fees and expenses. The retainer agreement will set forth the legal fee that the attorney will be entitled to (usually 33 & 1/3 %).
In some cases, however, it may take some more time for you to receive your settlement.
For example, in some cases there may be medical liens. Medical liens are where certain medical providers have a legal interest in your settlement. In these cases, your attorney will negotiate and settle with these medical providers to pay no more than what is fair and reasonable from your settlement to cover the medical costs.
Once all liens are satisfied, your attorney can issue your payment for the remainder, after deducting the legal fee and expenses. The common fee for attorneys is 33 & 1/3% (but this fee is determined by your retainer agreement).
Congratulations! At this point, you simply await your settlement check and deposit the funds to your preferred bank account.