When someone is wounded due to another party’s negligence, they have the right to seek compensation for their injuries, and the resulting medical bills can be financially crippling.
Nonetheless, the victim of an injury is usually compensated in a settlement with the guilty party or their insurance company. While the specifics vary greatly from case to case, personal injury settlements are often paid out as a single sum or in installments.
If you’re curious about how this process works and what kind of settlement payment structure is best for your case, keep reading to learn more about how an expert personal injury lawyer may pay out settlements.
How medical expenses are calculated in a settlement
How the payments are calculated in the settlement varies significantly through medico-legal processes and other criteria. Settlements are customized accordingly depending on these factors:
- The severity of the injury
- Recovery Time
- How long an affected individual was out of work due to their injuries
Consideration is given to current and future medical expenses connected with potential long-term impacts. After precisely identifying and analyzing all costs, both parties suggest a fair and equitable approach to settle the dispute.
Lost wages and future earnings potential
Lost wages and future earnings can also be considered in a settlement agreement. This includes any lost wages or income due to the injury and any future income that may have been lost due to the injury.
For example, suppose someone was injured and unable to go back to their job or had a permanent disability that precluded them from being able to work at all. In that case, their settlement agreement can compensate them for this type of economic loss.
Liability and negligence in personal injury cases
Sometimes, personal injury claims involve a determination of liability and negligence on the defendant’s part. Your lawyer can evaluate your case and advise you if this applies to your situation. If a court rules that the defendant was negligent in their actions, they may be ordered to pay additional damages.
In most cases, settlements are not contingent on a finding of liability or negligence, so it’s essential to understand the various components of a settlement agreement and how they may apply in your case.
Releases and Attorney Liens
Understanding that a settlement agreement includes releases and attorney liens is essential. Releases are the documents you sign to relinquish any legal or financial claims against the defendant. On the other hand, attorney liens are agreements allowing your lawyer to be paid out of any proceeds received from the settlement.
It is also important to understand all these components of a settlement agreement when considering a personal injury case and ensure that you have suitable representation to protect your rights.
Negotiate the terms with your Attorney
Your attorney will negotiate the terms of your settlement agreement with the defendant or their insurance carrier. Your attorney can assist you in understanding the settlement terms, negotiating a fair resolution, and ensuring that you receive reasonable compensation for your injuries.
Remember that every personal injury settlement is unique and will depend on various factors. It’s essential to speak with an experienced lawyer on how personal injury settlements are paid out, which can guide you through the process and help you get the compensation you deserve.
Let us fight for your right
If you’ve been injured due to someone else’s negligence or recklessness, our attorneys are here to fight for your right to compensation. We understand the complexities of personal injury cases and are dedicated to helping you get a fair outcome that considers your current situation and any lasting effects of your injury.
At Jezic & Moyse, we can help you understand the legal process, negotiate a settlement, and ensure your rights are protected. Schedule a consultation with us today and look forward to discussing your case and helping you get the outcome you deserve.