How much should I pay a lawyer to get my structured settlement now, i am working with $85,000?

by **fenwick** » Wed Mar 28, 2012 1:17 pm

It was a medical malpractice case 7 years ago I should receive $85000 within the next 10 years but I want my money asap and as much as possible

by **valentino** » Wed Mar 28, 2012 1:18 pm

It was a medical malpractice case 7 years ago I should receive $85000 within the next 10 years but I want my money asap and as much as possible

I'm sure your liar negotiated this structured settlement with the insurance carrier. Your fees with it were set when you signed on, so look to the contract you signed with it. In general, it would be 1/3 of the current cash value of the settlement, unless it went to court in which you may be looking at 40%.

On a side note, structured settlements are normally used when a person has ongoing needs. If this is the case, don't sell this thing to get your money now. You will get ripped off bad. It isn't the lottery, and the amount of money you will end up with would be partied away in months. And you would end up having to pay for the future problems.

by **armin** » Wed Mar 28, 2012 1:29 pm

there are companies that will buy your obligation and pay you out, but that will decrease your cash in hand. i don't endorse it, but your situation may warrant it. just do the math. the link below is an example of such, not an endorsement or solicitation. just a company that googled up....

by **ammi** » Wed Mar 28, 2012 1:36 pm

Well, the going rate is either $250 an hour, or 30% of the take.

But if you already have an attorney, then the fees have already been agreed upon - ask your lawyer to remind you what they are.

by **josephus** » Wed Mar 28, 2012 1:40 pm

What would usually happen, I believe, is that the total would be reduced to reflect the time value of money, and the lawyer would expect a percentage of that. I know that lawyers working on contingency typically look for 33% or so, but that's negotiable, and particularly in this case, where all you really need is someone to negotiate on yr behalf bcse you already have the RIGHT to this money, the percentage should be much smaller. I believe there are also companies that will "purchase" your annuity from you to give you the money up front--those may end up being a smarter route to go for you. Good luck!

by **jocheved** » Wed Mar 28, 2012 1:44 pm

Unless you have an acute need, chances are that the settlement payments are a better for you and worth more. The fact that you expect to pay for this service tells me that you know the payments are worth more. Most lump sum payments disappear on depreciating assets like cars or illiquid assets like a bigger house. If you systematically designate this extra money towards your debt and/or investing for the future, you will generally be much better off.

Why discount your own future value? Oh, you said you "want" your money.

You are probably better off paying a financial planner to help you wisely spend the money than a lawyer to get it to you now - should be cheaper too.

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