When Is the Best Time to Settle a Personal Injury Case?
Is it best to settle an injury case the morning of the trial? Or is it better to settle right after the lawsuit has been filed?
The best time to settle may be earlier than you think.
One reason is the expense.
Typically, an enormous investment takes place in a case before it ever comes before a jury.
In other words, if an injured victim can settle a car crash or dog bite attack case for $100,000 well before trial, that may be a better result than a $110,000 verdict at trial. Herndon injury lawyer Doug Landau notes this is because by the time a case gets to trial, money has been spent for doctors, exhibits, subpoenas for witnesses, and other litigation costs.
The accounting department at Landau’s firm, Abrams Landau, Ltd., has seen an increase in the amounts of money charged by treating doctors and surgeons for their testimony, since the practitioners know their testimony is required in nearly every single personal injury case throughout the United States.
Furthermore as the doctors, engineering, and other experts are paid well in advance, these monies are not refundable, and represent the majority of the pretrial expenditures.
Another reason is the time value of money.
A tax-free, lump sum now, is of more value to an injured client, than slightly additional funds a year or more down the road.
Bottom line, it costs thousands of dollars to properly try a permanent injury or long-term disability case in any court on the East Coast. For that reason, the earlier may be the better when it comes to settling.
“Although we are ready, willing and able to try cases throughout the East Coast — and invest money in these trials — it is sometimes in our clients’ best interest to settle before the case is submitted to the jury,” notes Landau.
If you or someone you care for, have been injured through no fault of your own, and have questions about the right time to settle the claim, please contact us at Abrams Landau at once via email or phone (703-796-9555). There are strict legal time limits for injury and disability cases. An offer from the insurance company will not stop the clock to give you more time.