Know when to hold ’em and know when to fold ’em. Should I settle my case?

 

Settlement
Should I settle?

Should I settle my case

Should I settle my case is a a questions often asked. Most personal injury claims are settled because litigation can be very expensive. There are times however when you need to sue to file a lawsuit in order to push the process to mediation or even a jury trial. The value of the personal injury case is determined exactly when the jury returns a verdict after hearing all the evidence about the accident and the injury. Until the verdict everyone is using their best judgment in arriving at a value of the claim.

The settlement value of a personal injury claim is based on an estimate of the ultimate jury verdict. The jury will be told to place a value on the claim to include money for the out of pocket expenses, medical bills, loss of income as well as money for permanent disability and pain. All of these factors are added into the estimated value. This estimated value is then discounted by the chance of losing the claim. So if your claim could have a jury verdict of $100,000.00 but there is a 50% chance you would lose and get nothing at all, it would be reasonable to lower the settlement value to $50,000.00.

 

Both parties have an incentive to settle because they avoid the costs of going to trial which can be substantial for the insurance company since they are usually paying a lawyer by the hour. Each party would have substantial expenses in expert fees since doctors and other experts charge for their time. Often settling makes the most sense because the value of your case is ultimately determined by the person that has the most knowledge about your injury: you. It makes sense to have the parties involved arrive at an agreed value rather than strangers who only hear some testimony in a court room.

The settlement process of a personal injury claim is very involved with lots of potential pitfalls. It is our job to help you through the process and get you to a successful settlement or verdict. If you have questions you know you can call us 785-273-4330.

 

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