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If you’ve suffered injuries in an accident caused by someone else’s negligence, you have the right to compensation. This compensation may come through a personal injury settlement. Settlements represent the most common resolution for personal injury cases. It’s important to know how personal injury settlements work so you can maximize your compensation. That way, you have the resources you need to get your life back on track after a devastating accident.
A settlement represents one typical way parties in a personal injury case may resolve an injured person’s claim. How personal injury settlements work is that the injured person agrees to release or end their legal claims against the opposing party in exchange for receiving an agreed-upon settlement amount. The opposing party typically also releases any legal claims against the injured party. Most personal injury cases end in settlements since they compensate injured persons more quickly than going to trial, allowing parties to avoid additional litigation expenses.
These parties sometimes use mechanical formulas like the multiplier or per diem method as a starting point for determining fair value for a personal injury settlement. Under the multiplier method, an injured party’s financial losses get multiplied by a factor of one to five, depending on the severity of their injuries, disfigurement, and disabilities, to calculate their non-economic losses for pain and suffering. Under the per diem method, parties calculate non-economic losses by assigning a daily dollar amount to the injured person’s pain and suffering and multiplying that daily amount by the number of days the person spends in recovery.
When negotiating a personal injury settlement, you should remember that your settlement compensation should provide you with the financial resources you need now and in the future. Once you settle your personal injury claim, you cannot demand further compensation from an at-fault party if you incur additional expenses or losses.
Your personal injury settlement works by providing you with compensation for ongoing and future losses you incur due to your injuries, including for:
Various factors can influence the compensation you recover in a personal injury settlement. Circumstances that affect the value of a personal injury claim include:
Parties in a personal injury case can negotiate various payment arrangements for a personal injury settlement. In most cases, parties will do settlement negotiations either in a lump sum or structured settlement. In a lump-sum settlement, the injured party receives the total settlement compensation in one payment. Lump-sum settlements can benefit injured parties by providing complete compensation for their injuries and losses, which can help them resolve medical or credit card debts incurred due to their injuries and pay for long-term disability care expenses.
In a structured settlement, an injured party receives compensation over a series of payments. These payments may occur monthly, quarterly, annually, or according to another agreed-upon schedule. The settlement may spread compensation equally over payments, gradually increase or decrease payment amounts, or provide large upfront or final payments. Although structured settlements require injured parties to wait for full compensation, they offer some benefits. Structured settlements can provide injured parties with a steady source of income. This can help if they cannot work or assist them as they transition to a new financial arrangement. Structured settlements may also provide greater compensation, as the at-fault parties might be able to afford to pay more compensation. This can be done by spreading the total amount over multiple payments and a longer period.
An injury accident can cause considerable physical, financial, and emotional distress for victims and their families. If you were hurt as the result of someone else’s negligence or carelessness, you deserve compensation for the resulting expenses and to have the responsible party be held accountable for their actions. The experienced personal injury lawyers at Goldblatt + Singer can help. For 75 years, our firm has served area individuals needing skilled legal support after injury accidents, and we’ve recovered over $1 billion in compensation for our clients. We’re ready to put our resources into your fight for justice.
Call us at (314) 231-4100 or contact us online today for a free consultation with an experienced St. Louis personal injury lawyer. Your case might be similar to one of the notable cases that we’ve handled; we can help you and give you a better perspective on it.
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