The turmoil from an injury due to someone else’s negligence may upend your life in ways you don’t expect. Medical bills, lost wages, mobility issues and day-to-day living may be disrupted. When this is all happening, as a result of someone else’s negligence, the prospect of an eventual settlement might be appealing and may seem like a long way into the future.
Understanding the Concept of a Settlement – Typical settlements are out-of-court agreements involving the injured person/plaintiff, and the individual or entity at fault for the injury referred to as the defendant. The settlement has the defendant agreeing to pay a certain amount of money to the plaintiff to resolve the entire dispute without a trial in a court of law. It’s critical to note that acceptance of a settlement means relinquishing the right to bring any further legal actions related to the injury against the defendant.
Many plaintiffs along with many attorneys say the process of taking a case to trial can be long, complicated and stressful. Taking an injury case to trial requires significant investment of time and resources. Choosing to settle means both parties avoid the unpredictability and cost of a trial. For the defendant, this means eliminating the risk of a potentially large payout ordered by a jury and a settlement means the plaintiff ensures quicker access to essential funds to cover medical expenses, lost wages, and other associated costs.
The most critical step is a consultation with an experienced personal injury attorney. An attorney with experience who specializes in injury litigation who will evaluate the merits of your case, may provide an estimated value of your case and explain their strategy when they have handled matters similar to yours in the past. Your situation and the facts of your case are unique and should be evaluated accordingly. Understand that without qualified and experienced legal guidance, you may end up with a settlement that falls significantly short of what you need to cover your damages.
Once you have decided on an attorney, they help to manage the case while collecting relevant evidence along they way. This includes medical records, accident scene photos, police reports, witness statements and may include reports from a private investigator. Using this information, a demand letter is sent to the defendant or their insurance company. This demand will detail the extent of your injuries, the costs incurred, and the total amount of compensation you are seeking. Submitting a settlement demand before the full extent of your injuries and the long-term impact of those injuries are fully revealed can be irresponsible.
The demand letter leads both parties to engage in good faith negotiations. Your attorney is your representative in these discussions and these may include several rounds of offers and counteroffers. The negotiation skills and reputation of your attorney within the insurance industry are invaluable in this phase. Experienced attorneys understand the tactics insurance companies use to minimize their liabilities and will counter them effectively to maximize your compensation. Insurance companies keep very careful track of how each attorney operates. Insurance companies know who will take a case to trial and who will settle and just move on.
After a mutually agreed-upon amount, both parties formalize the understanding using a settlement agreement. This document specifies the terms of the settlement, including any confidentiality clauses, and set a timeline for the payment. Signing the settlement agreement means the defendant will send the agreed-upon funds. These usually go first to your attorney’s trust account. After deducting legal fees and any other outstanding costs like medical bills, the remaining amount will be transferred to you.
Experienced attorneys have a broad network of experts they can call upon to bolster your case. This includes accident reconstruction specialists and medical experts. This provides you with resources that you would not ordinarily have access to. Dealing with the legal intricacies of a personal injury case can be overwhelming. By hiring an attorney, you delegate this demanding work to an expert, freeing you to focus on your recovery. Should negotiations fall through and your case goes to trial, a seasoned attorney can smoothly transition from being a negotiator to a trial lawyer, preparing a compelling case to present before the court.
We represent people who are injured because of the careless and reckless acts of others. At the end of the day your case can only be settled one time and you need to know all of the facts beforehand. The reason that insurance companies have paid our clients in excess of $130,000,000.00 is that we get the facts and are not intimidated at the prospect of going to trial when insurance companies fail to offer full compensation. We help with serious injuries that require serious representation. We are the Law Offices of Guenard & Bozarth, LLP. Our attorneys have more than 60 years of experience specializing in only representing injured people. Call GB Legal 24/7/365 at 888-809-1075 or visit www.gblegal.com
