How to Budget for Hiring a Wrongful Death Lawyer

The impetus of legal action precipitated by a wrongful death is often twofold: the pursuit of justice and the need for financial restitution to compensate for the void left by the decedent's premature departure. This becomes even more complex when one considers that, integral to this process is the need to enlist the services of a specialised wrongful death lawyer.

To the uninitiated, wrongful death is a legal terminology referring to a lawsuit brought about by the survivors or the estate of a person who died as a result of the negligent or intentional act of another. The survivors, often the immediate family members, seek compensation for financial and emotional loss inflicted upon them. The wrongful death lawyer is the legal expert who assists them in navigating this complex terrain.

For any legal recourse, the financial consideration is essential. So, how should one budget for hiring a wrongful death lawyer? The ensuing discourse outlines a systematic approach.

Step 1: Initial Consultation

Commence with an initial consultation, often gratuitous, with the prospective lawyer. This serves as an avenue for preliminary case evaluation, understanding of the legal process, and estimation of the potential financial implications. Draw from concepts such as Nash Equilibrium, a game theory principle, which posits that in a non-cooperative game involving two or more players, each player is assumed to know the equilibrium strategies of the other players. In this case, the players are you and the lawyer, and understanding the lawyer's strategy would give you an edge in the negotiation process.

Step 2: Understanding Lawyer Fees

Legal fees in wrongful death cases typically operate on a contingency fee basis, which means the lawyer's fee is a percentage of the settlement or judgement. The range can span from 20% to 40% based on the complexity, stage of resolution, and jurisdiction. This structure alleviates the financial strain on the client, as no upfront payment is required and the lawyer's compensation is tied to the successful resolution of the case.

Step 3: Budgeting for Case-Related Expenses

Apart from lawyer fees, it's imperative to budget for case-related expenses. These include court filing fees, costs for depositions, expert witness fees, and investigative costs among others. Some lawyers may require clients to pay these as they incur, while others may advance these costs, recouping them from the final settlement. Understanding the Pareto Efficiency concept here is beneficial—it implies that any change that makes at least one individual better off, without making any other individual worse off, is deemed to be efficient.

Step 4: Projected Settlement/Judgement

An understanding of potential compensation is paramount, as it provides a perspective on the expected legal fees and case-related costs. When determining the projected settlement, consider the decedent's income, savings, dependents, medical and funeral expenses, and consortium loss.

Step 5: Financial Planning

Lastly, financial planning is crucial. Ensure you have a grasp of your financial situation and capacity to withstand the financial implications of the lawsuit. Here, the concept of Consumer Surplus can be applied—it's the difference between what consumers are willing to pay for a good or service and what they actually pay. In this context, it would be the difference between what you are willing to pay the lawyer and what you actually pay.

Settling for the right wrongful death lawyer is crucial and can significantly influence the outcome of the case. Nonetheless, the need to make an informed decision while being mindful of the financial implications is of paramount importance.

Taken together, budgeting for a wrongful death lawyer requires an understanding of the legal fee structure, projection of case-related expenses, estimation of potential settlements, and astute financial planning. While this process is no doubt complex, it is made easier when guided by economic and legal principles.