What Are Out of Court Settlements in Personal Injury Cases?

Nationwide, personal injury trials resolve fewer than 5 percent of these matters. Generally, trials are expensive, time consuming, and uncertain. Additionally, in the post-coronavirus era, many victims must wait several months, or even several years, for their day in court.

Out-of-court settlements are the opposite in many respects. These settlements reduce legal fees. It’s also usually much faster to talk things out than to go though all the particulars of pretrial and trial hearings. Out-of-court settlements also give the parties more control over the outcome. There’s also no wait time. Many times, settlement negotiations begin very early in the case.

Although your claim will probably settle out of court, your Kansas City personal injury attorney must always thoroughly prepare as if the case will go the distance. That’s the only way to ensure full and fair compensation for your serious injuries.

What are the Parts of a Settlement?

Most out of court personal injury settlements address economic and noneconomic losses. Only by making up for both these losses can victims get to the same place they would have been if the accident hadn’t happened. That’s the purpose of personal injury damages.

As for economic losses, the medical bills in a serious injury case, like a head injury, often exceed $100,000. Other economic damages include property damage and lost wages. The family car usually has a high emotional and financial value. Furthermore, many injury victims miss many weeks or months of work.

To determine noneconomic losses, such as pain and suffering, most attorneys multiply the economic losses by two, three, or four, largely depending on the facts of the case.

When Will My Case Settle?

The settlement value is a starting point for settlement negotiations. Anyone who has haggled the price of anything knows there is usually some give and take.

Very few cases settle immediately. Insurance companies usually drag things out as long as possible. Furthermore, the settlement must include all future medical expenses. If the settlement amount isn’t big enough, the victim could be financially responsible for these expenses. So, negotiations often don’t begin in earnest until medical treatment is at least substantially complete.

In the end, most cases settle during mediation. A third-party mediator works with both sides to forge a settlement.

Out-of-court injury settlements usually benefit everyone. For a free consultation with an experienced personal injury attorney in Kansas City, contact the Krause & Kinsman Law Firm. You have a limited amount of time to act.

FAQs

Why is the trial rate so low in civil cases?

For both sides, trials are time-consuming and expensive. Furthermore, even if the evidence seems clear, there’s no way to tell for sure what a jury will decide.

How much money does a settlement cost?

Usually nothing. Most personal injury attorneys work on a contingent fee basis. Furthermore, most attorneys advance court costs and other expenses.

Why is mediation necessary? Can’t we just talk it out?

A third-party mediator knows what buttons to push. So, cases have a better chance at settling during mediation.

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