Negotiating settlements is a crucial skill for personal injury attorneys. The goal for our firm is to secure the best possible outcome for our clients while navigating the complexities of the legal and insurance systems. Looking for more insight into the process? We’re sharing the key considerations we take into account.
Key Considerations in Settlement Negotiation
1. Liability
Determining fault is the foundation of any settlement negotiation. Lawyers analyze statements, investigate evidence, and dissect police reports to establish liability. A strong case for liability can increase the likelihood of a favorable settlement.
2. Total Damages
Personal injury lawyers calculate the total damages incurred by their clients, such as medical expenses, lost wages, and pain and suffering. This assessment helps formulate a reasonable settlement demand.
3. Medical Bills
Lawyers closely review the present and future medical needs of their clients related to the injury. Understanding the extent and cost of medical care from hospitalization to therapy and rehabilitation ensures that negotiations account for current and anticipated expenses.
4. Policy Limits
Lawyers must be aware of the insurance policy limits of the at-fault party. This knowledge helps them set realistic expectations during negotiations and allows them to explore alternative avenues for compensation if needed.
5. Strength of the Case
A well-documented case with solid evidence and credible witnesses enhances the chances of a favorable settlement. On the other hand, weaknesses in the case can influence negotiation strategies and outcomes.
6. Long-Term Impact
Lawyers consider long-term impacts on the client’s life, including ongoing medical treatment, loss of earning capacity, and lifestyle changes. This perspective is vital when determining a fair settlement since personal injury cases often have long-term implications for the injured party.
7. Willingness to Go to Trial
A lawyer’s readiness to take the case to trial can influence negotiations. Insurers are more likely to negotiate seriously if they believe the lawyer will follow through with litigation. Demonstrating this willingness can strengthen a client’s position during settlement talks.
Negotiations typically require back and forth between you and your lawyer and the insurance of the at-fault party. In many cases, insurance companies may offer low settlements or refuse to negotiate fair compensation. They may employ aggressive tactics to get victims to accept the first offer quickly. In all of these scenarios, it is important to have an advocate in your corner who knows what they’re doing.
Personal injury lawyers negotiate for higher and fair settlements on your behalf that are meant to adequately compensate you for losses. They have a thorough understanding of laws and extensive experience with the process. Your choice of lawyer can make a significant difference in your case- learn more on how to choose the right personal injury lawyer.
How Long Does It Take to Negotiate a Settlement
A lawyer begins the negotiating process after evidence has been gathered and everything is put together. The time it takes to reach a result can vary widely depending on several factors. On average, it can take anywhere from a few weeks to a few months, but complex cases may even take years to resolve. Factors that can impact the timeline of negotiation include:
- Insurance company response time
- Complexity of the case
- Client input
- Evidence gathering
Learn more about the personal injury claim process in our blog here.
DM Injury Law Will Fight for Your Rights
Personal injury lawyers employ a range of considerations to negotiate settlements effectively. Understanding this process can help clients navigate their cases and empower them to be active participants.
If you’re facing the aftermath of a personal injury and aren’t sure what the next steps are, DM Injury Law is here to help. Our team will negotiate on your behalf and take the case to court if needed. Our lawyers aren’t afraid to fight for justice and the compensation you deserve. Reach out for a free consultation and learn more about your options.