They say that timing is everything in this world, and that sentiment certainly holds true in the world of injury compensation. The vast majority of personal injury cases end in a settlement, so it’s imperative that you know when is the best time to settle. Of course, the right time to settle is fluid and will change based on the individual facts of your case, so how can you know when it’s time to sign on the dotted line? In today’s blog we explain what to consider when determining when is the right time to settle your personal injury case.
When To Settle
Timing matters when it comes to agreeing to a settlement. Pull the trigger too soon, and you may leave money on the table. Make your move too late, and the offer may decrease or the defendant may opt to take their chances in court. So how can you know when is the right time to settle? Here are some factors to consider:
1. Consult With Your Lawyer– First and foremost, you need to have a lawyer in your corner if you are considering agreeing to a settlement offer. You may understand the numbers in the settlement offer, but you likely will not know if that figure represents a fair offer. Your lawyer will run their own calculations and put a valuation on your case, and if it’s significantly more than what the other side is offering, it’s not yet time to settle. Make sure you review any offer or counteroffer with your lawyer before moving forward.
2. Consult With Your Family– It’s also important to talk over your financial situation with your family. Talking with your spouse or your family about your financial situation and your injury case can oftentimes provide some clarity on the situation and prevent you from rushing to settle just because your finances took a short-term hit as a result of your injuries. Work to develop a financial plan with your family so that the other side can’t use that against you as your case plays out. Sometimes it’s helpful to talk about a specific amount you are willing to settle for, but it’s more important to ensure that you are fairly compensated for the true value of your injuries, so don’t just come up with a number without workshopping the financials with your lawyer.
3. Review The Risks – Talk with your lawyer and make sure that you understand what’s likely to happen if you turn down an offer or you send over a counteroffer of your own. Perhaps your case will go to court, and while that doesn’t mean you will always lose your case, know that court is much more unpredictable than a settlement agreement. You may be able to get a lot more money by taking your case to court, or the judge may rule that you are entitled to a fraction of a previous settlement offer. Talk with your lawyer about what a best case and worst case scenario would look like if you took your case to court instead of agreeing to a settlement.
4. You Feel Heard– Finally, if you can review a settlement offer and feel like your voice is being heard and your needs are being met, it may be a sign that this is the right offer for you. Again, you’ll want to run everything by your attorney, but if you feel like it’s a fair offer and your needs have been appropriately addressed in the settlement, then it may not be worth digging in for those last few pennies. Both sides oftentimes have to concede a little in order for an agreement to be made, but if you feel like you’re in a good place with the offer, it may be time to sign.
We can help parse through the details and ensure that you know when is the right time to settle your injury case. For more information, or for help with a different aspect of your injury case, reach out to the team of injury lawyers at Hey Workers today at (844) 439-9675.
