Please read the following scenario and choose the BEST answe…
Please read the following scenario and choose the BEST answer to the question at the end of the scenario. A car accident case settles in the amount of $120,000 for your client. The money has been deposited into the firm’s client trust account. Neither the law firm or the client have received any payments to date. Your managing attorney has asked you to calculate the amount owed to all of the parties. Below are the facts: Your firm is to pay (out of the settlement) medical expenses to the hospital related to injuries sustained by your client in the car accident in the amount of $10,000 Your firm has incurred $12,000 in legal expenses. Your firm billed hourly on the case in the amount of $40,000 but your managing attorney agreed to reduce the fee to $35,000 The client owes the firm $10,000 on another case and has agreed in writing to pay the firm that fee from this settlement. What is the total amount that the law firm will receive?