5 Things To Know About Personal Injury Settlements

Anyone who causes you injury should compensate you for the damages. However, getting compensation is not as straightforward as it should be. Understanding the settlement process will help you navigate it and get your compensation within a reasonable timeline. Below are five things you should know about injury settlements.

1. Many Cases Settle Outside the Courtroom

You are in the majority if you settle instead of litigating your injury case. Most cases settle because:

• Settlements are relatively less expensive than lawsuits
• Settlements conclude faster than lawsuits
• Lawsuit outcomes are unpredictable

For example, a lawsuit might require multiple expert witnesses that a settlement does not necessarily require. Therefore, do not think you have to go to trial to get your deserved compensation.

2. You Can Settle Anytime

Even though many cases settle before lawsuits, you do not lose the option to settle your case once you file a lawsuit. You can seek a settlement anytime in your case's progress if the court has not issued a judgment or verdict.

For example, settlement negotiations can continue outside the courtroom even as the court processes continue. You can even settle the case while the jury is deliberating it. If you settle with the defendant, bring the agreement to the court and the judge will terminate the rest of the proceedings.

3. Negotiations Should Not Involve Punitive Damages

Personal injury damages comprise compensatory and punitive damages. The compensatory damages help you recover the losses the injury has caused you. Examples of compensatory damages include medical bills and lost wages. Punitive damages punish the defendant for intentional or grossly negligent acts.

However, you should not ask for punitive damages if you wish to settle the case. Asking for punitive damages is often the same as accusing the defendant of intentional or grossly negligent acts. Your request might antagonize the defendant and ruin their propensity to negotiate in good faith.

Besides, punitive damages are something for the court to decide on. Even if you ask for punitive damages after filing a lawsuit, the court still has the right to award or reject it.

4. Negotiation Is Not the Only Path to Settlement

Negotiations between the plaintiff and defense team are a common way of settling injury cases, but it is not the only way. You can also mediate or arbitrate the case. In mediation, you need a neutral third party to oversee your interactions with the defendant. The mediator guides you, but you reach your settlement with the defendant.

Arbitration also involves a neutral third party. However, in this case, the arbitrator listens to your submissions and rules on your case just as a judge would in court. Arbitration is less formal than a courtroom trial. The arbitrator's ruling may or may not be binding.

5. You Can Get Lump Sum or Periodic Settlement Payments

You may receive your settlement money in two ways: you can get a lump sum payment or choose structured payments over a period. Both options have their advantages and disadvantages. The lump sum option makes sense if you need the compensation money as soon as possible and cannot manage without the money.

On the other hand, many people prefer structured settlements that they can use to supplement their regular income. Structured settlements help with money management since you do not lose your entire settlement with financial mismanagement.

Having an injury lawyer can help you avoid many complications of injury settlements. Contact James W Bodiford Jr Law Office for a free initial consultation to determine how to pursue your case. We promise you aggressive representation to ensure you get what you deserve.