How Personal Injury Lawyers Determine the Value of Settlements

If you have been involved in an accident where you were injured, you are likely attempting to determine how much value the case is worth if settled. Settlements in a personal injury case are usually challenging to negotiate.

This is because most insurance companies are eager to reduce their expenses to increase their profits. They accomplish this by offering low-ball settlements. But to be reasonable, there needs to be fair compensation for the pain and suffering you have endured. But how do you determine exactly what that is worth?

In most settlements, the medical bills are relatively easy to calculate. These often include all bills from the doctor, clinic and hospital along with the transportation to get you there and back. It might include a bill for the ambulance service, along with any prescription & non-prescription medication and a variety of other expenses.

While the past and current medical bills seem simple enough to calculate, what about all future medical bills you will rack up as a result of your injuries? Any anticipated medical expenses in the future will need to be calculated. Healing could last months, years or even a lifetime based on the injuries you suffered.

Determining Worth

Next, you will need to calculate any indirect damage caused by the accident. This could be lost wages if you are no longer able to do your job. Damages could include childcare, or any quantifiable, tangible loss that would have never occurred had it not been for the accident and the injuries you have sustained.
If you are no longer able to work, did the injuries also take away any potential promotion or career advancement? How much is that worth? Are you no longer able to perform daily tasks due to extensive disability? Have you experienced a “loss of consortium” meaning you have lost the opportunity to be intimate with your spouse? All of these damages could have worth in your case.

Pain and Suffering

In addition, you will need to calculate all the mental and physical pain and suffering you have endured in the past and will experience in the future. Without the experience, of a knowledgeable personal injury attorney with years of handling settlements, many of these losses are intangible and challenging to quantify.
A skilled personal injury attorney that has years of handling settlements like yours use a variety of factors to determine exactly how much each general and specific loss is worth. By developing solid numbers that can withstand the rigors of scrutiny in a court of law, the lawyer can develop a strong case to ensure you receive fair compensation for your actual damages and losses, and not what the settlements claims adjuster is offering.

The Formula

Below you will find the specific formula used by skilled personal injury attorneys to determine the value of personal injury case settlements.
Personal Injury Case Settlements = (Associated Medical Bills + Wage Losses + Damages + Pain & Suffering) times (The Percent of Fault of the Defendant)
It is important to use an experienced personal injury attorney that has handle lots of settlements. The lawyer can evaluate all of the attributing conditions, circumstances and situations of your case. This will ensure you receive proper representation and fair compensation.