My lawsuit has already been settled, The account has 195mil for 4700 peeps, and Im one of them, my lawyers have been working hard for almost 3 years for us, they wont be able to tell me until next month or so how much the fees are so does anyone have a guesstimate? And what about taxation? Its taxable but what percentage?
2007-08-12 08:34:40 · 10 answers · asked by kudos4me07 1 in Politics & Government ➔ Law & Ethics
Generally lawyers receive about 30% of the settlement but a lot of times with pro bono it can be as much as 50%.
Taxes paid for gambling winnings are about 48% and I'm thinking it's about the same. Figure that the 4700 will split 1/4 of the settlement.
1/4 of 195 mil = 47.5
47.5 divided by 4700
I'd say a little over 1 mill apiece.
So...what are you doing this weekend?
2007-08-12 09:07:48 · answer #1 · answered by hoovarted 7 · 0⤊ 1⤋
Your share of the cash, if the settlement is to be payed evenly, will be about $ 41,490.00. After taxes, and attorney fees, I'd be surprised if you pocketed more than 20 thousand dollars.
??? Hey, hoo. ( Answer down there v v ). Where do you get that math? If 195 million dollars is devided between 195 people, they get a million bucks a piece. This is being divided among 4700 people. .........and the lawyers.......and the IRS.
2007-08-12 08:46:41 · answer #2 · answered by BroncoFan_17 4 · 1⤊ 0⤋
There's no way to guess how much the legal fees are going to be just from the facts you've given -- three years could be 30 months of continued work, or 3 months scatted with long delays in the middle.
And it doesn't say whether you have a contingency fee agreement, where the firm gets a percentage of the total award -- or whether they are being billed hourly.
2007-08-12 08:45:40 · answer #3 · answered by coragryph 7 · 2⤊ 0⤋
I would not worry about the tax you will be paying.
The lawer`s fee will be 99.9% of it and if you get more than 1000.00 I would be shocked.
The class action suit is away a lawer becomes very rich not you.
The 30% rule does not count in class atction
2007-08-12 08:44:58 · answer #4 · answered by Anonymous · 2⤊ 0⤋
most lawyers charge 25 - 35 % plus costs accured such as fileing fees etc. the taxes depends on state you live in.
2007-08-12 08:55:39 · answer #5 · answered by Nick 5 · 0⤊ 0⤋
probably between 40 and 60 % this is normal any less and you have very charitable lawyers i dont know anything about taxes
so if my calculations are correct about 20k is a close equalized figure
sorry
2007-08-12 08:47:54 · answer #6 · answered by fordman022480 3 · 0⤊ 0⤋
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2016-10-15 02:18:34 · answer #7 · answered by ? 4 · 0⤊ 0⤋
the lawyers will get 30% (usually) on top, which is $6.5M, plus expenses, then divide that among 4700.
2007-08-12 08:44:49 · answer #8 · answered by LolaC☼ 4 · 0⤊ 0⤋
In America you can sue anybody for anything and probably win, or get a settlement.
2007-08-12 08:44:46 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Lawyers will take all the $$$ sorry
2007-08-12 08:42:44 · answer #10 · answered by Anonymous · 1⤊ 1⤋