The victim of a personal injury does not have to settle with the opposing party. Each such victim could file a lawsuit, in hopes of obtaining more money. Still, there are decided benefits to settling.
Settling saves time
It takes less than one year to reach a settlement. That means that claimants that agree to settle receive their money much sooner than those plaintiffs that have won a court-ordered award.
Settling is less risky
The charge for damages remains fairly predictable throughout the negotiations that precede a settlement. Conversely, a jury’s decision is unpredictable. In addition, lawyers do not control everything that happens in a trial.
For example, a witness might make a remark that reflects poorly on the plaintiff. Furthermore, a judge might rule against the admission of certain pieces of evidence. That could push the jury to reduce the size of the plaintiff’s award.
Claimants spend less money when they agree to settle
The claimant’s money comes from the granted compensation. That money goes to the lawyer, the legal professional that has charged a contingency fee. Personal injury lawyers in Bedford usually ask for 33.3% of the granted compensation.
However, if an injured victim were to become a plaintiff with a lawsuit, that same victim would owe more money to his or her attorney. The attorney that spends hours in court, while representing a client with a personal injury case normally asks for 40% of the court-ordered judgment.
Victims that settle undergo less stress
A victim that has recovered from the reported injuries must take time off from work, in order to attend the trial. The process of preparing for a trail involves completing a large amount of paperwork. That takes up time, and it is also labor intensive.
Finally, a trial does not offer the sort of privacy that comes with the ability to negotiate a settlement. Statements made to an adjuster do not get shared with the public, unless the adjuster’s employer, an insurance company, becomes the target of a lawsuit. A plaintiff could have to get onto the witness stand. A lawyer for the defendant might ask a question that could force the witness to reveal some private information.
How defendants benefit from setting
If a defendant, a responsible party agrees to settle with a claimant, then that same defendant does not need to admit to any degree of liability. The insurance company might threaten to raise the defendant’s rates, if he or she were to become involved in another accident in the near future.
Most policyholders prefer the prospect of possible higher rates to the need to admit to liability. That admission invites the imposition of stronger measures from the insurance company.