Understanding a Personal Injury Settlement: 4 Basic Facts You Need to Know
If you have been injured due to someone else’s negligence, you may be entitled to a personal injury settlement. Before filing a claim, it is important that you know what a personal injury settlement is and how it can help you. This blog post details four basic facts about a personal injury settlement that will help you understand the process.
If you would like to know more about recovering compensation for your personal injury, contact an experienced personal injury lawyer as soon as possible.
Who Is Involved in the Process of Reaching a Personal Injury Settlement?
The parties involved in reaching a settlement depend on the nature of your personal injury claim. The personal injury claims process often includes the other party, their lawyers, your lawyer, a judge, and/or a mediator. If you sue a company or a driver, you might also encounter insurance companies. The insurance company plays a crucial role in the settlement process, often engaging in negotiations over settlements and policy limitations to reach a resolution.
The Settlement Process for Personal Injury Cases
The process of reaching the settlement is different for every personal injury claim, depending on the specific facts. Some cases are settled in court while others are settled outside of court. If you choose to settle your case outside of court, the settlement will be approved by a judge or attorney. The following are more details of the settlement process for personal injury cases:
The Negotiating Process
Negotiations may be carried out between your experienced personal injury attorney and the other party’s lawyer or directly between you and the other party involved in your accident. The process may also be conducted by people other than your lawyer, if it is to be conducted outside of court. You may want to retain an attorney to help you reach a settlement directly, or you might want to work with an alternative mediator.
What Happens When the Case Is Settled?
When a case is settled, you often receive money for your damages, including medical bills, which are a primary example of the expenses covered by the settlement. The settlement could also include the costs of other expenses. You will need to sign a release in order for your case to be settled.
What If I Didn’t Reach a Settlement?
If you do not reach a settlement with the other party, you may still pursue legal action against them. You can do this either through litigation or arbitration. If a settlement isn’t reached, pursuing a personal injury lawsuit may be the next step. The outcomes of personal injury lawsuits often include a high frequency of settlements, the rarity of cases going to trial, the potential for dismissal, and the implications of accepting or rejecting settlement offers.
How Much Compensation People Receive for Personal Injury Settlements
The amount of compensation you receive for your claim, often referred to as the average personal injury settlement, depends on the circumstances surrounding the case and your specific injuries. Personal injury settlement amounts can vary significantly, influenced by factors such as the severity and type of the injury. Generally, the severity of the injuries will determine the range of compensation you can expect. In order to be awarded a large settlement, one must demonstrate that they have suffered a severe injury. For instance, a plaintiff is likely to receive more compensation for a car accident that results in the loss of a limb rather than a broken bone. Understanding the variability in personal injury settlement amounts is crucial, and seeking legal assistance can help maximize your compensation. It’s also important to note that personal injury settlements paid typically follow a timeline, with the process taking less than a year on average to complete.
Benefits of Hiring a Personal Injury Attorney
If you were injured in an accident or by an act of negligence, you should understand your legal right to compensation for your injury. Whether you were harmed by a defective product, an accident caused by another individual or persons, or negligent medical care performed on you, you will need to contact a law firm that specializes in personal injury cases. Personal injury lawyers can help determine whether you have legal grounds for a lawsuit. The right law firm can help protect your interests and ensure that the responsible parties pay for the damage they caused.
Schedule a Consultation with a Personal Injury Attorney at Mintz Law Firm
The skilled team of personal injury lawyers at Mintz Law Firm have over thirty years of experience helping clients in Colorado. We understand that the Colorado legal system can be overwhelming, and we want to help you with your personal injury claim. Our skilled legal team is proud to provide clients with the personalized and award-winning legal counsel they deserve. To schedule a free consultation, contact us here or call at (303) 462-2999.