Rose Sanders Explains How the Accounting Works at the End of a Personal Injury Case
Rose Sanders, a law firm based in Houston, TX, has published a blog post that explains how the accounting work is done after the successful conclusion of a personal injury case. The article was written by Charles Sanders, co-founder and partner at the firm, and it explains the accounting that will be submitted by the attorney with regards to the distribution of the compensation money. This is an important question that must be answered when hiring a personal injury attorney and a settlement or another kind of resolution has been achieved for the case. Clients can expect a comprehensive accounting statement from the lawyer on how the compensation money will be shared.
More about this can be gleaned from https://www.rosesanderslaw.com/blog/2021/11/how-does-the-accounting-work-at-the-end-of-the-case/.
Charles Sanders explains, “A settlement statement, also often referred to as an allocation sheet, will be used to detail the accounting. This should summarize all of the costs incurred by the attorney or law firm that is expected to be reimbursed by you and any medical payments or other claims that must be paid from the settlement funds. Before agreeing to any settlement, be sure to study your engagement letter or agreement outlining your legal representation’s compensation and expenses coverage. If you have any questions about any item on the settlement statement, your lawyer will provide clarification or information to back up the item.”
It is important to understand that contingency fees are an arrangement where the client does not pay the lawyer an upfront fee but instead will pay only when the case has been successfully won. These fees are usually a percentage of the settlement or award and will range from one-third to one-half of the amount won as settlement or compensation.
First of all, it is important to note that if the case settles successfully or the client is awarded compensation, the client will know precisely where the money will go. This is because the law requires the lawyer to turn over the amount directly to the client as indicated in the settlement statement. This statement will also indicate any attorney and service fees that are deducted automatically before giving the funds to the client.
Unfortunately, not all cases will be settled. The client’s case may go to trial and if the case is lost, there is an entirely different set of rules for this. This is why it is vital for the client to fully understand the breakdown of the accounting and whether or not this will be applicable to his or her specific situation. If the case is settled out of court, all funds will be held by the lawyer in a trust account until it is ready to be disbursed. The firm or lawyer will then release the money to the client after deducting the legal fees and the court costs. Those who would like to know more about Rose Sanders can visit their Facebook page at https://www.facebook.com/rosesanderslaw.
Founded in 2018, Rose Sanders has the mission of providing dependable counsel and effective legal representation for residents of Houston and neighboring areas, especially when it comes to personal injury, entertainment law, and family law. People who have suffered an injury due to another person’s negligence can depend on the lawyers from the firm to aggressively work on their behalf to help them in getting the compensation they deserve for medical bills, the pain and suffering caused by the injury, and any lost wages. Whether the case involves a car accident, medical malpractice or slip-and-fall, they will fully examine the circumstances involved in the injury and then set out to obtain the best possible result for every client. Meanwhile, their family law practice will focus on paternity and guardianship legal issues, such as all legal problems regarding divorce and legal separation, including spousal support, child support and custody, annulment, and distribution of property.
Charles Sanders has experience in all aspects of personal injury law. He obtained his law degree from the Thomas M. Cooley Law School in Lansing, MI, and he founded Rose Sanders with his wife Erica Rose, who is also a partner at the firm. Erica Rose earned her law degree from the University of Houston Law Center and starred on “The Bachelor” and many other TV shows later on.
Those who would like to learn more about the services provided by the Rose Sanders law firm can visit their website at https://www.rosesanderslaw.com/, or contact them on the telephone or through email. They are open from 9:00 am to 5:00 pm, from Monday to Friday.
Rose Sanders Law Firm
1 Greenway Plaza, Suite 100
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1 Greenway Plaza
Houston, TX 77046