In an episode of the AR Law Our Take podcast, our very own Joseph Gates discusses one of the most misunderstood aspects of trial law: how trial lawyers get paid. Gates offers a comprehensive look into the finances of being a trial attorney, drawing from his experience of recently opening his own firm.
What’s talked about:
- Hourly vs. Contingency Fees: Gates explains that while many attorneys are paid on an hourly basis, personal injury lawyers often work on a contingency fee model. This means they only get paid a percentage of the settlement or jury verdict, and only if they win the case.
- Client Financial Relief: The contingency fee model ensures clients aren’t burdened with legal fees upfront, allowing them to focus on recovery.
- Assumption of Risk: Trial lawyers assume the financial risk, covering costs such as expert witnesses and depositions, and only recoup these expenses if the case is successful.
- Long-Term Perspective: Gates advises new attorneys to be prepared for the ebb and flow of income and to have financial support in place as cases can take years to resolve.
- Intrinsic Rewards: Despite financial uncertainties, Gates emphasizes the fulfillment of advocating for victims and achieving justice.
For a detailed discussion, listen to the full episode on
Learn about AR Law Our Take Podcast by visiting their website: https://arlawourtake.com
