There’s always a lot to do and even more to consider when an accident occurs. You need to ensure everyone involved gets the appropriate medical treatment, pay for your own medical treatment, contact any insurance companies and so much more.
It can be a headache even when the accident is minor, but the worse it gets, the more complicated it becomes and the more stress you’re under. Legal action may be required in these instances.
Steps to Securing Your Settlement
When a lawsuit is brought to the table, you’ll need a lawyer; the law is too complicated to navigate without one. However, you’ll want a lawyer even if the other party starts phishing for a settlement.
Lawyers understand how to navigate settings far better than the average person, from understanding the key factors affecting settlement timelines to knowing the proper negotiating techniques. Below, you’ll learn not only why you may want to pursue a settlement but also how your lawyer will ensure the outcome is as favourable as possible.
Decide to Pursue a Settlement
The point of a settlement is simple: one side pays the other and the legal case is dropped. They usually also include a provision about dropping the case with prejudice, meaning you can’t reopen the case for further legal action. While a settlement may not be the appropriate conclusion in every case, it often is for a few reasons.
Legal cases can take years to see the court, and even once they make it there’s no guarantee that the outcome is desirable for either party. It may be determined that one side had more liability than anticipated or even that both sides were equally liable which results in the court’s decision paying out much less for both sides than desired.
Settlements still take time to come to fruition, but they don’t take anywhere near as long as the case would and the outcome is guaranteed. Settlements are especially common in personal injury cases, so don’t be surprised when the insurance company, defendant or even your own lawyer start throwing the idea of a settlement around.
Do Your Research
There is a lot of research to be done before a settlement can be reached which is even more true if your goal of starting a case is to conclude it with a settlement. To make your case stronger, your lawyer may ask you to describe your incident and if there were any witnesses.
They’ll visit the scene and speak with these witnesses and may even gain access to any footage of the incident recorded on security cameras, traffic cameras or any other recording equipment present. The more information they have on the incident, the better, as they may be able to push for better terms by proving that the opposition was at fault for the accident.
The research doesn’t end with proving liability, though. Your lawyer will also need to look into what the best terms for your settlement may be. This may include researching state laws and looking at past settlements that are similar to the one you’re seeking.
While every settlement is different, getting an idea of what previous plaintiffs asked for can give you an idea of what you’re entitled to and make future negotiations run smoother.
Perform Damage Calculations
An important part of your lawyer’s research will be calculating your damages. This includes any medical bills, repair invoices or even lost income associated with the incident.
For example, if you seek a settlement in a car accident case then you may be able to seek compensation not only for the hospital trip and ambulance ride but also for the repair or replacement of the vehicle, the wages you lost due to your injuries preventing you from working or even pain and suffering inflicted by the crash.
These calculations can vary from case to case and aren’t all tangible; you can’t provide concrete proof of your pain and suffering as these claims are separate from medical expenses. However, your lawyer can use the evidence in your case to calculate how much each of these is worth and make strong arguments to increase the likelihood of getting what you’re asking for.
Contact All Parties
It may seem a bit strange that you’d need a lawyer’s assistance in contacting all involved parties. It’s pretty easy to send emails, make calls, etc. to get in contact with someone, but if you’re just an average person, they may not respond. They will always respond to a lawyer’s inquiries, though. Also, having your lawyer make contact can increase our negotiating power since it makes it clear how seriously you’re taking things.
You may also need a lawyer’s help in contacting witnesses or getting ahold of footage of the incident. Ensuring your lawyer is not only involved in all communications but is also the primary contact will boost your negotiating power significantly and increase your chances of a favourable settlement.
Attain the Best Possible Payment Structure
Each settlement comes with a unique payment structure. The most common is the structured payment, where payments are made every so often until the agreement has been paid in full.
For example, you may receive a settlement where an insurance company pays you a few hundred dollars every month for a few years. While this is a good outcome for many cases, others will seek out a faster resolution.
Enger the lump-sum payment, the one you’re likely after. This is when most or even all of the money is paid in a single transaction. Many who have been injured may seek this type of payment so they can recoup their medical expenses, repair bills and lost income immediately.
It is unlikely to receive the entire settlement amount in a single payment, though, so most have a mixture of both. This structure sees you receive a large sum of money upfront and smaller payments on a predictable schedule until you’ve received the agreed-on amount. No matter how you get paid, bear in mind that you don’t get to keep all of it. You have to pay for your lawyer’s services, after all.