Negotiating an Out-of-Court Settlement
Every day, innocent people are injured because of the reckless and negligent actions of other people and entities. Through a successful personal injury lawsuit, an accident victim may be able to secure compensation for his or her accident-related expenses. This compensation will be stated in a legally binding settlement.
In some cases, you may be able to negotiate a fair settlement outside of a courtroom, through a process by which the two parties meet and come to an agreement on the amount of money that should be awarded to the injured victim. This is where the Indianapolis personal injury attorneys of the Hankey Law Office, can help. Contact our experienced attorneys today by calling (317) 634-8565.
Understanding How Out-of-Court Settlements Work
The process for an out-of-court settlement includes the following steps:
- Filing the suit – the party that the charges are being brought against must be informed of the suit and have adequate time to hire representation and respond to the charge.
- Discovery – at this time, both sides will be able to obtain information from the other party. This includes any relevant documents, witnesses, or medical information following the accident.
- Settling – this is the actual settlement that occurs when both parties agree to a monetary amount that they believe is fair and reasonable.
Oftentimes, victims may receive more financial compensation by settling out of court than by bringing a case to trial. In addition, this process is usually shorter and more straightforward for both parties. Of course, you should hire an attorney to represent you in either scenario to increase your chances of a favorable outcome.
How to Determine a Fair Settlement
A personal injury lawyer will be your greatest asset in deciding on a reasonable compensation request. If you expect too much money, you may end up in a long and expensive trial. You and your attorney will discuss the following when trying to determine what you think is a reasonable amount of compensation:
- Emotional pain and suffering
- Loss of wages
- Medical costs
There are two ways a final decision will be reached in a personal injury lawsuit. The majority of cases are settled out of court following negotiations between the two parties. Although some concessions must be made, in the long run, settling out of court may be more financially responsible. In the event that out of court negotiations are not successful, the case will go to court, allowing a judge or jury to make the final decision.
If you or your loved one has been injured due to another party’s negligence, do not let their irresponsibility go unpunished. Contact the Indianapolis personal injury attorneys at the Hankey Law Office, today at (317) 634-8565 to learn more in a free consultation.