What Are the Personal Injury Settlements?

There’s been a lot of conversation in the United States about tort reform in the last couple of decades, usually focused on the need to rein in frivolous lawsuits. Proponents of tort reform talk about large settlements or verdicts threatening the economy and the legal system as though they’re something that happen every day. That conversation plus sensational media coverage of multi-million dollar settlements or verdicts help create a perception that everyone can reap millions of dollars from a lawsuit – even one without merit – when that’s actually very far from reality.

However, the majority of legal claims arising from injuries or accidents do not reach a civil court trial. Typically, they are resolved earlier in the litigation process through a negotiated settlement among the parties. Sometimes an informal settlement also known as personal injury settlements can take place before any lawsuit is even filed. Through settlement, the plaintiff agrees to give up the right to pursue any further legal action in connection with the injuries, in exchange for payment of an agreed-upon sum of money from the defendant. In rare cases, instead of paying money, the defendant will agree to perform or stop performing a certain action.

If you like to settle a legal claim after an accident or injury, or if you have received a settlement offer from the opposing side, you may want to talk to an attorney. It’s important to get the attorney through assessment of the case and opinion about the likelihood of settlement. When meeting with your attorney you should consider and discuss the following points:

Strengths of the case

a) Jury verdicts and settlement outcomes in similar cases

b) Strengths and weaknesses in your opponent’s evidence

c) Practical difficulties in trying the case

d) Your chances of winning at the trial

e) Strengths and weaknesses in your evidence

Money and damages

a) The defendant’s own monetary resources

b) The minimum amount you will accept to end the case and avoid trial

c) The policy limits of the defendant’s insurance company

d) What your attorney thinks the case may be worth in a range of dollar amounts and what he/she thinks you could receive in damages at trial

Questions for the plaintiff

a) Decide whether you are willing to accept a remedy other than money

b) Consider what you are willing to give up in order to get the case settled

c) How much of the settlement proceeds will be applied to your lawyer’s fee and your expenses

d) Think about the possibility of a partial settlement

e) How the settlement payments will affect your federal and state income taxes

General concerns

a) When is the case likely to be called for trial and the estimated length of the trial?

b) Extend to which your opponent is likely to play "hardball" and be unwilling to negotiate.

c) Unfavorable publicity for either side due to media coverage and scrutiny.

d) Possible disclosure of business information and trade secrets.

e) The opposing lawyer’s negotiation tactics. Your attorney may find out this.

f) The amount of personal information that could be revealed at trial or through further discovery.

Never admit liability when making an initial demand in a personal injury settlement. If you raise the claim, deny any liability for the injury, and let your opponent make the argument that your settlement should be reduced.

Referent links

http://www.alllaw.com/articles/nolo/personal-injury/calculator.html

http://www.nolo.com/legal-encyclopedia/is-your-personal-injury-settlement-taxable.html

http://www.nolo.com/legal-encyclopedia/how-the-negotiation-process-works-injury-case.html

http://www.chicagolawyer.com/personal-injury-settlements-myths-vs-reality/

At LawFirm-Connect, we try to take the guess work out of determining if your injury is worth of legal action, and if so, we'll help connect you with an expert law firm that specializes in exactly what you need