A common question Personal Injury Attorneys receive revolves around how much a personal injury lawsuit may be worth. There are many formulas used to find a dollar number in settlement talks for personal injury. Often this number is just a starting point, but nonetheless it is a legitimate place to begin the negotiation process.
Some insurance companies use a common list of non-economic and economic damages to arrive at this estimate number.
Personal Injury and Economic Losses
Economic losses are more clear-cut: lost wages, hospital bills, medical provider bills, surgery expenses damage to property. Included in the economic losses are estimates of future medical expenses and ongoing treatment.
Non-Economic Damages and Personal Injury
The non-economic damages are money that goes to account for your suffering, pain, and psychological trauma. Often this number is a “multiplier.” That is, the company chooses a number between 1.5 and 5.5, and multiplies other damages by this number. That multiplier represents your pain and suffering. The difference is often how painful the injuries were, how long the effects of the injuries will last, and how serious the effect was on day-to-day life and livelihood.
Non-economic damages, sometimes called “general damages,” can include anxiety, depression, stress, and physical discomfort.
Something else to keep in mind is this question:
How much money would it take for you to give up your legal claim?
For the person (or company) at fault in your injury, that question is crucial. They are wondering what your answer to that question would be.
Settlement of Personal Injury Cases
All in all, a great majority of personal injury claims are settled out of court. This number is estimated to be at least 85%. Much of what you need to present may not ever be in front of a judge or jury, but rather, between your legal team and theirs. Settlement is a cornerstone of personal injury law, and the right decision for many claimants.
Contact the attorneys at the Cincinnati based law firm Clements, Taylor, Butkovich & Cohen LPA, Co. for assistance.