What Are the Differences Between Settlements and Verdicts in Personal Injury Cases?
Injury victims may be reluctant to file claims because they think they will have to go to court to recover compensation. However, most claims are resolved out of court without a lawsuit ever being filed.
Unfortunately, many people do not know the differences between cases that are resolved out of court and those that are resolved via a jury verdict. There are significant differences between these two results, and our experienced attorneys discuss them below.
If you were injured through no fault of your own, and you have questions about seeking compensation for your damages, call us today at (612) TSR-TIME.
What is a Settlement?
In a personal injury case, a settlement is an agreement between both parties to resolve the claim made by the victim. The at-fault party, often the insurance company representing the at-fault party, agrees to pay the victim for the damages he or she claimed. In exchange, the victim agrees not to file any claims against the at-fault party in the future.
Settlements are typically agreed to before the case reaches court. However, sometimes a lawsuit is filed and both sides are in the process of preparing for trial when a settlement is agreed to.
Settlements are reached after negotiations between both parties, often the insurance company and the attorney for the victim. Both sides could go back and forth many times before they reach an agreement. Sometimes settlements are reached quickly, other times it may take months of negotiating.
It is also important to note your Minneapolis-based personal injury attorney typically will not start negotiating until you have fully recovered or reached the point of maximum medical improvement.
However, settlements are reached much faster than jury verdicts. You also do not need to go to court or testify, which can be a significant source of stress for injury victims.
Another advantage of settling is you are not leaving the case up to a jury, which may decide not to award any compensation. On the other hand, a jury may award much more than you might get in a settlement.
It is important to note that you should never settle for less than the value of your claim. You should discuss settlement offers with your lawyer to determine if they are fair. Once you settle, you are likely unable to continue pursuing compensation for the same injury.
How Going to Court Differs from Settling
There are numerous steps involved in a personal injury lawsuit. After your lawyer files a lawsuit, you will need to wait for a trial date to be set and have a judge assigned to the case.
The next step is often discovery, where both sides gather information from each other to determine the strengths and weaknesses of the victim’s case. There may be depositions where witnesses and others are interviewed under oath about various aspects of the case. The judge in the case may also require both sides to go through some form of alternative dispute resolution to see if the case can be resolved before a trial begins.
There are many steps that happen before a trial even begins. It can take a significant amount of time to make it to trial.
Filing a lawsuit is often the push needed to make insurance companies make a better offer. Sometimes all it takes is having a lawyer with a history of going to court and recovering compensation to get the insurance company to make a better offer. That is why your choice of an attorney is so important.
Contact TSR Injury Law for Legal Help Today
There are no upfront fees or obligations for our services. Our licensed attorneys are not paid for representing you unless we receive compensation.
What this means for you is there is no risk in contacting us to discuss what happened and learn how we may be able to assist you. An initial consultation is free of charge.
For more than two decades, we have been securing favorable compensation for personal injury victims.
Call us today to learn more: (612) TSR-TIME.