PERSONAL INJURY SETTLEMENTS
July 28, 2017
There is and always will be a “value” in settling any personal injury case. The value is not just monetary in nature. Peace of mind is, to some extent, just as important as the financial reward. Resolving the case alleviates concern, provides some closure and permits you to step away from the emotions inherent in your situation. Understanding this value is important when considering settlement. Here are two other important considerations:
First: During settlement discussions, set aside emotions, as much as possible. It is never easy to place a value on your injury, especially when another caused your injury and the other side will not accept responsibility for your injury. Instead, settlement agreements expressly deny responsibility. An apology is not part of the process. Settlement boils down to dollars and cents, nothing more.
Second: Another crucial component for personal injury settlements, and is a constant in my practice, is a risk and reward assessment. Based upon the monetary figure offered, will you beat that offer at trial? What are the odds the jury will award less? If the risk is too great, your personal injury case settles. Your opponent is engaged in the exact same calculation.
Of course, not every case is ripe for settlement. Every case, though, presents an opportunity to settle. By removing some of the emotions, understanding the risk and reward and considering the value to you in case resolution, you will be able to confidently accept or deny settlement offers in your personal injury case.