Most personal injury cases are settled outside the court system. Litigation, or the process of bringing a lawsuit through civil court, is a costly affair and good results are not guaranteed. Most lawyers recognize that settlement is preferable to litigation, but the valuation of a personal injury case is complex. It can be difficult to arrive at a fair settlement offer without the help of personal injury attorneys in Laredo, TX.
Damages
In the area of personal injury, damages are the basis upon which a settlement amount is calculated. One cannot assign a value to a case unless they understand the available damages. There are three types: economic, noneconomic and punitive damages. In almost all cases, noneconomic and economic damages are at play. Punitive damages, or those given to punish an act of egregious negligence, are usually available only in certain instances and aren’t a part of normal settlement calculations. A local attorney will know how to work with insurers, and they will likely have a rough idea of the amount of money available.
The Demand
Once the clients understands the available damages and the amount they can receive, their attorney will create a demand letter. The demand should leave negotiating room, and it’s wise to ask for an amount that’s greater than the lowest sum that would be accepted. Depending on the case’s merits or the time in which the demand is submitted, counteroffers may be significantly lowered. Insurance companies are motivated to settle for as little as possible, and they will capitalize on any weakness within the case. Personal injury attorneys in Laredo, TX can work with the client to protect their rights and prevent excessively low offers from insurers.
The Case’s Real Value
Only the injured party knows the real value of the case. However, when valuing a personal injury claim, it is important for clients to consider that recovery is the ultimate goal, and that compromises may have to be made to achieve that goal. If one has a particularly solid case, they’re in a position to settle for a high value. Entering negotiations after considering those facts will allow the client and their lawyer with Martinez-law.com to put a fair value on the case and receive an appropriate settlement.
