Why Hiring the Right Lawyer Saves Money in the Face of Inflation

The past few years have been a rollercoaster for consumers. Nearly two years after inflation hit a 40-year high in June of 2022, consumers got more disappointing news as the Labor Department reported the consumer price index (CPI) rose 3.5% year-over-year in March of 2024.

The impact is seen in the Financial Stress Forecast from the National Foundation for Credit Counseling (NFCC). Consumers, anxious about managing monthly debt and bills, pushed the forecast score to 5.3 for the first quarter of 2024, the highest since the first quarter of 2021. It also represents a 49.9% increase from a low of 3.2 in the second quarter of 2021.

Commented Mike Croxson, CEO of the NFCC, in a press release, “While there are some indications the economy is improving, what our experience shows is that many families are not seeing this improvement in their bank accounts. Our data reflects the disconnect many Americans are feeling.”

The Risk of Foregoing Legal Representation

When faced with legal issues on top of these existing anxieties, the temptation to handle them alone can be strong. Wells Fargo’s Legal Specialty Group reported demand for legal services dropped by 1.9% in 2022 and that trend continued through 2023.

While the desire to save money is understandable, it is not the best course of action if you find yourself in a situation that could benefit from legal expertise. In fact, the right attorney can both alleviate stress and increase the chances of helping you receive the financial compensation that you deserve.

Here are a few reasons why foregoing legal representation can backfire:

  • The Legal Landscape is Complex: Navigating the intricacies of the legal system can be overwhelming, even for seemingly straightforward cases. Laws are constantly evolving, and legal procedures can be highly technical. A qualified lawyer can ensure your rights are protected and guide you through the legal process efficiently. Perhaps most importantly, rather than added stress, you get peace of mind knowing an expert is on your side.
  • Improvised Solutions Can Backfire: Attempting to handle legal matters without proper legal knowledge can lead to costly mistakes. Missing deadlines, filing incorrect paperwork, or making uninformed decisions can have serious consequences, potentially jeopardizing your case or even costing you more money in the long run.
  • Lawyers Can Help You Save Money: A skilled lawyer can often save you money in the long run. Their expertise can help you avoid costly errors, resolve matters quickly, and achieve the best possible outcome for your situation.

Let’s take a specific example: What if you were injured in a car accident?

Without a lawyer, you might be unsure of your rights or how to navigate the complex insurance claim process. An experienced personal injury lawyer can investigate the accident, gather evidence, negotiate with the insurance company on your behalf, and fight to get you the compensation you deserve for your medical bills, lost wages, and pain and suffering. This can save you a significant amount of money compared to the potential costs of medical care and lost wages if you try to handle the claim yourself.

Finding the Right Lawyer Makes All the Difference

Not all lawyers are created equal. While the initial cost of hiring a lawyer might cause some to hesitate, the benefits of finding the right legal professional far outweigh the risks. Here are some tips for finding an effective lawyer who can help you achieve the best possible outcome while remaining mindful of your budget:

  • Seek Referrals: Talk to friends, family, or colleagues who have had positive experiences with lawyers. Professional organizations related to your legal issue might also have referral services.
  • Do Your Research: Look into the skills and experience of your lawyer in that particular area of law. Examine their trial experience as many lawyers confess to be personal injury lawyers yet their law firm rarely takes cases to trial and many of them pawn off the case to another firm to step up and take the case to trial for them. Cheaper is not always better; “discount lawyers” may not be the best especially if your case is a contingency fee case.
  • Schedule Consultations: Most lawyers offer free consultations. Use this opportunity to discuss your case, ask questions about fees, and get a sense of the lawyer’s communication style and approach.

Cost-Effective Legal Strategies at Penney & Associates

At Penney & Associates, we understand the financial pressures consumers face today and we are committed to providing high-quality legal representation at a fair price. We offer flexible fee arrangements to fit your budget, and we always strive to be transparent about our costs.

Here are some additional ways we help our clients manage legal expenses:

  • Free Consultations: We offer free consultations to discuss your legal needs and determine the best course of action.
  • Alternative Fee Arrangements: We offer alternative fee arrangements, such as flat fees or hourly rates, depending on the nature of your case.
  • Open Communication: We keep our clients informed throughout the legal process and update them on any potential changes that might impact costs.

Don’t let financial stress prevent you from seeking the legal representation you deserve. At Penney & Associates, our team of trial attorneys have over a century of collective experience in personal injury law in the Golden State. Contact us today to schedule a free consultation and discuss how we can help you navigate your legal challenges effectively and efficiently.

Read More
Injured in a Car Accident? A Guide to Taking the Right Steps
Filing a Wrongful Death Claim in California: What to Keep in Mind
The Alarming Rise of Cycling Fatalities: How to File a Lawsuit

* This blog is not meant to dispense legal advice and is not a comprehensive review of the facts, the law, this topic or cases related to the topic. For a full review of our disclaimer and policies, please click here.

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