An Inside Look at the Personal Injury Settlement Negotiation Process
It is often more prudent to negotiate a personal injury settlement following an auto accident or another harmful event than battling it out in court with opposing counsel. In many instances, it is possible to obtain just as much, if not more, compensation through a personal injury settlement negotiation than pursuing the matter in a court of law. Here is an inside look at the settlement negotiation process that will help personal injury victims better understand how legal representatives reach payout terms.
The Initial Steps
The first step is to meet with a Monterey Park attorney to discuss the personal injury case. The attorney will review all of the case details and let the client know if the case has merit. He will then conduct additional research while keeping in touch with the client every step of the way. This is the assistance one needs so he or she can square focus on rehabilitating any injury. The client will discuss the possibility of a settlement along with an acceptable settlement offer.
Once the attorney performs all of the necessary research, the attorney will send an information packet to the opposing party’s insurance company. This package includes a letter that states the monetary amount demanded to settle the matter. This letter serves as the start of the settlement discussion.
The Negotiation Process
Once the insurance company is provided with the letter of demand, the ball is in their court. They will conduct meetings between the insurance claims adjuster, supervisors and possibly an attorney. These individuals will determine an acceptable settlement figure known as the “authority figure.” The insurance company then responds to your attorney. This contact commences the negotiation process between the attorney and the insurance company’s representative(s). The sides will go back and forth with offers until they reach a mutually acceptable settlement figure.
Negotiations are not limited to the transmission of written settlement requests. Negotiations often take place through phone conferences or even digital correspondence. Thus, the negotiation process will likely take some time. In most instances, the attorney will initially roll out a fairly lofty settlement figure. The insurance company will likely respond with a lower offer. The parties will continue to exchange offers until they meet at or near the mid-point of the initial offers.
The length of time it takes to reach this point hinges on an array of factors. Everything from the number of claims the insurance company is managing to the style of insurance provider, the company’s budget for settlements and the complexity of your injury play a part in determining the course of settlement negotiations.
Why a Skilled Attorney is Essential to the Success of Your Settlement Negotiation
You need a savvy Monterey Park personal injury attorney on your side. This professional’s ability to strengthen your case will maximize your settlement payout. Furthermore, he should have experience negotiating settlements for personal injury cases. This experience will empower him to determine an appropriate initial settlement offer and ultimately pinpoint an acceptable offer during the course of negotiations.
A personal injury lawyer who is skilled at negotiating will leave ample room for the insurance company to negotiate and frame the case in a manner that yields a fair payout. Furthermore, he will carefully handle the negotiation process so it does not extend too far into the future. The best attorneys know exactly how to handle negotiations that provide personal injury victims with the timely payouts they deserve.
NOTE: This is for informational purposes only and does not constitute legal advice.