During a personal injury case, the injured party may be faced with the decision to accept an out-of-court settlement or proceed to trial. Agreeing to a settlement before trial can be advantageous. Settling out of court often provides certainty and closure, compensation for damages sooner than trial, and eliminates the risk of an unfavorable result at any potential trial. The main challenge is determining whether or not the settlement proposed is sufficient enough to account for the losses and suffering the injured party endured.
What Is a Settlement?
A settlement is an agreement between parties to resolve a dispute. In a personal injury case, a settlement typically sees the negligent party, or the negligent party’s insurance company, paying out compensation to the injured party. In exchange for taking the settlement, the injured party agrees to accept compensation for damages and cease all legal actions against the negligent party.
When Can a Case Be Settled?
From the moment an injury occurs, an injured person can be offered a settlement payout in exchange for an agreement not to pursue legal action against those responsible. In fact, the majority of personal injury cases end in settlement before a case proceeds to trial. If you were injured in an accident, it’s important you speak with a personal injury attorney before signing any documents with an insurance company. An attorney will advise you of the pros and cons of agreeing to settle your claim.
Breaking Down Settlements vs Trials
A skilled personal injury attorney has experience assessing all factors involved in settling your personal injury case out of court. The facts of every case are different and some factors to consider may or may not apply to your case.
The range of outcomes for a personal injury settlement varies significantly depending on the specific facts and circumstances of the case. Factors that affect the amount of any settlement or award include the severity and permanency of an injury, pain and suffering, medical bills, lost wages, and loss of earning capacity. Other important factors to consider include the likelihood that a jury would find the other party liable, the cost of litigation, and the time it will take to complete the litigation process.
Time
Settlement agreements can resolve cases and provide compensation to injured parties much faster than trials. It is not uncommon for several years to pass between the initial injury and the conclusion of a trial.
Risk Management
Agreeing to settle your injury case guarantees a positive outcome and eliminates the risk of losing a trial. If you pursue your claim to trial and lose, you won’t be able to recover damages. The negligent party or their insurance company likely won’t want to pursue trial if the injured party has a strong case. This means the injured party quickly recovers a sum of money through settlement and gets closure.
Cost
Generally, settlement agreements are cost-effective and avoid the significant expenses associated with going to trial, such as paying expert witnesses to testify on the injured party’s behalf. A tradeoff of settling your case before trial is the possibility that a trial would result in a higher award in your favor.
When to Contact a Personal Injury Attorney
A personal injury attorney can help you weigh the pros and cons of accepting a settlement offer before trial and can negotiate on your behalf. The experienced team at Lewis & Lewis will navigate the complexities of this important decision to ensure you receive the compensation to which you are entitled. Contact our office today to learn more or schedule an appointment.
