If you have suffered an injury due to someone else’s negligence, it is entirely understandable that you want to receive full and fair compensation—and you should receive what is fair. However, there is a difference between fair compensation and dreams of a multi-million dollar payment. Settlement negotiations are where attorneys can help the most to secure compensation for your injuries. Still, the realities of negotiations should be understood before you start the process.
The Limits of Settlement Negotiations
Before we begin, there is one thing to remember: never accept an offer that isn’t remotely reflective of the value of your case. As we discuss some risks of settlement negotiations, it may sound like we are being dismissive of fighting for what is right. But that isn’t the case, and your attorneys will always point you in the right direction during negotiations. Today, we simply want to help those with lofty expectations understand the realities of negotiations and how this may affect their compensation. It isn’t uncommon for many settlements to reach the five and six-figure range, but expecting millions of dollars for a non-severe injury isn’t realistic.
Settlement negotiations require finding the right balance between getting fair compensation and not pushing too far. Like most things in life, negotiation is about give and take. Be firm in what you deserve but flexible enough to find common ground. When you work with an attorney, they will do almost all of the actual work of negotiations. But at the end of the day, you can decide when to accept or deny a settlement offer, and it pays to know which ones are acceptable.
Rejecting a reasonable offer in hopes of a bigger payout can backfire. You might end up with less if the case goes to trial and the outcome doesn’t go your way. Always weigh the risks and rewards carefully, as your current situation will determine how fast you need assistance. Running out the clock to make you accept a low offer is a common tactic insurance companies use to reduce their payouts, but that doesn’t mean you should ignore your financial status to spite them. Often, settling for 90% of what you can receive at trial and getting that money immediately is better than risking it all in court.
While it’s important to fight for everything you are owed, pushing too far can result in prolonged negotiations and added stress. The goal is to reach a settlement that fully compensates you without unnecessary delays or the risk of a lower court verdict. Balancing firmness with flexibility, understanding the risks, and having realistic expectations will allow you to put this process behind you and move on with your life as soon as possible.
Strategies to Maximize Your Settlement Offer
Your injury alone isn’t the only thing determining the amount of your settlement. A lot of planning and time goes into your case before the negotiations to secure a fair settlement. With your attorney, here are some ways to increase your potential settlement:
1. Effective Communication with Your Attorney
Clearly express your goals and expectations to your attorney. Ensure they understand what you consider a fair settlement and why. At the same time, listen to what they say regarding what you can expect and factor this into your decisions. This alignment helps your attorney to negotiate more effectively on your behalf to secure the best possible outcome for your case.
2. Gathering Comprehensive Evidence
Collect thorough evidence, including medical records, bills, and statements from witnesses to your injury. The stronger your evidence, the more leverage you have in negotiations. Well-documented evidence can significantly increase the likelihood of receiving a favorable settlement offer from the opposing party.
3. Presenting a Strong Case
A strong case can persuade the opposing party to offer higher settlements to avoid a potentially costly and time-consuming trial. Attorneys will highlight the impact of the injury and the clear evidence supporting your claim to put pressure on opposing parties.
4. Understanding the Opposition’s Perspective
Know the motivations and limitations of the insurance company or defendant. Craft a negotiation strategy that appeals to their interests while maximizing your compensation. Most personal injury lawsuits settle, but only after a fair deal is reached between both sides.
If you were injured in Florida, always work with an attorney to help secure fair compensation for your injuries. Contact Probinsky & Cole today to speak to a member of our team and learn how we can help.
