The insurance company will make the settlement check out to me or my attorney? How and when do I get my settlement money?
Ins settlement checks are normally made payable to the atty and the client jointly. The atty usually deposits the funds in the client trust account the bar requires, and then when it clears, disbursements can be made. Out of stae checks are normally used by ins cos, so they take longer to clear. If there are liens etc that must be negiptiated and or paid, that can hold up disbursements.
This is a very common thing. Once the settlement check is endorsed by you and your attorney, it will be negotiated with the bank. Your attorney will typically set an appointment with you to come into the office and he/she will go over a breakdown with you. That breakdown will list the gross settlement, the attorneys, fees, all liens and expenses that have been deducted and then the final payout to you.
In New York settlement checks are generally required to be sent within 21 days of settlement. Not sure if CA has a similar rule. Most law firms have the check made out to the firm and the individual, but if you have an issue with that practice, then you should ask your lawyer to handle it a different way.
It is customary for the insurance company to make the check payable to you (the client) and your attorney. The attorney is required to notify you upon receipt of the settlemenet draft. Once the draft is properly endorsed, the attorney will deposit it into the attorney-client trust account and then disburse in accordance the terms and conditions of the attorney-client fee agreement.
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