How Much Can You Expect From Your Personal Injury Settlement?
One of the first things clients ask injury attorneys is “How much can I get for my claim?” While there are general guidelines for different types of injuries, many factors are at play that can alter the settlement amount from case to case. No one can say exactly how much a judge or jury will award, but knowing the multipliers that determine injury claims may provide you with a rough idea.
Damage and Compensation Formulas
Contrary to popular belief, compensation formulas aren’t used to determine the settlement amount. Insurance adjusters use formulas to decide how much a claim is worth, which forms the basis for their initial offer. While this is a good starting point for negotiations, actual damages can be much higher if circumstances warrant.
No two insurance companies use the same formula, but most are based on a similar set of criteria. The spectrum of award amounts depends on:
• The severity of the injury
• The prognosis for recovery
• The length of recovery
• The visibility of the injury, which can affect jury perception
• The degree of fault involved on each side
Factors That Can Up the Ante
Factors like actual medical expense and lost wages are concrete numbers. Multipliers are a part of the equation used to add monetary value to each portion of a claim. There are intangibles that influence whether a claim amount will settle on the higher or lower end of the scale. These factors include:
• Witnesses who can back your claim
• An unsympathetic party on the other side
• The age and perceived societal contribution of the victim at the time of the accident
• Having an organized, persuasive attorney
Additional Pain and Suffering
You often hear about ‘pain and suffering’ as a factor in lawsuit settlements. How can the amount of suffering be determined by a jury? One element that goes into calculating the amount of emotional damage is to look at how an injury or wrongful death affected the lives of the people involved. These types of damages consider not just the victim, but the impact of their injury or untimely death on the family, employer, and community at large. For instances, the loss of a sole supporter and parent on young children and surviving spouses or the loss of a teacher, clergyman, or doctor to society.
Your odds of obtaining a favorable outcome are increased when you have representation. If you or a family member has been inured through no fault of your own, contact a personal injury lawyer in Las Vegas.