Research suggests that about 95% of personal injury lawsuits reach settlements before reaching trial. From the second you first file a personal injury case, every competent malpractice lawyer Charlotte, NC, has to offer will work on trying to earn you a fair settlement.
That doesn’t necessarily mean you need to accept a settlement offer to cover the cost of economic damages and non-economic damages in your personal injury case. However, you should have some idea of when to accept a settlement offer and steer clear of taking your case to court.
So, when should you accept a settlement agreement and move on with your life? Check out several instances in which accepting a settlement offer will make sense in your personal injury case.
You’ve Reached Your Maximum Medical Recovery
In the aftermath of a car accident, a slip and fall accident, a medical malpractice incident, or another event that caused you to sustain a personal injury, you’ll likely need to secure medical treatment. You could spend weeks, months, or possibly even years seeking medical care to make a full recovery from your accident.
But at some point, you’ll reach what’s known as your maximum medical recovery, beyond which point further recovery is unlikely. When you do, you’ll know how much money you owe to pay off your medical bills. This is often when to accept a settlement offer, provided the insurance adjusters in your case are willing to agree to a settlement that covers your medical bills.
Try not to consider settling with insurance companies until you reach this point. If you do, it could leave you on the hook for any large medical expenses that come in after you’ve reached a settlement agreement.
You’ve Totaled Your Economic and Non-Economic Damages
Medical bills aren’t the only expenses you may face following a personal injury accident. You may also ensure a variety of other economic and non-economic damages that can hurt your finances immensely.
Economic damages include medical bills along with:
- Property damage costs
- Lost wages
- Mobility device costs
Non-economic damages include:
- Pain and suffering
- Mental anguish
- Lost quality of life
You and your personal injury lawyer should try to total up your economic and non-economic damages as accurately as you can. It’ll provide you with a number to shoot for when you’re trying to iron out a settlement agreement. You’ll know when to accept a settlement offer based on the calculations you’ve done in advance.
You’ve Seen What Your Legal Fees Could Cost
The good news for those filing personal injury cases in the first place is that you won’t typically have to pay a personal injury attorney upfront. They’ll collect a contingency fee at the end of your case in many instances, provided they’re able to secure a legal victory for you.
There are, however, many other legal fees that could come into play throughout your personal injury lawsuit that could start to add up fast. Examples include:
- Investigation expenses
- Deposition costs
- Court fees
If you wish to sidestep these types of legal expenses, you can do it by working out a settlement agreement with the defendant in your personal injury case. It could help you save money in the end, even if you feel like you have a strong enough personal injury lawsuit to take to court.
You’ve Struck a Fair Settlement Agreement in Your Case
At the end of the day, reaching a settlement agreement in your personal injury case is ultimately all about feeling as though it’s a fair settlement deal. You might know when to accept a settlement offer from a defendant in a personal injury lawsuit based on your gut feeling. Premises liability cases can be complex. Learn about property owner responsibilities and your rights as an injured party in our comprehensive guide.
You should still consult with a personal injury lawyer in Charlotte, NC, to ensure you’re truly receiving a fair settlement and not a lowball offer. But you’ll always maintain the right to strike a settlement agreement whenever you feel as though it’s fair and takes all your expenses into account.
Let Us Advise You on When To Accept a Settlement Offer in a Personal Injury Case
At Yale Haymond Law PLLC, we can help you figure out when to accept a settlement offer after you file a personal injury case. We can also answer important questions at the start of your case, such as, “What qualifies as medical malpractice?” and provide additional legal advice. Reach out to us at 704-800-HELP (4357) to begin building a case and learn more about your opportunity for compensation.
About the Author: Yale Haymond
