Personal injury cases can be challenging to navigate. These cases leave victims with mounting medical bills, lost wages, and other financial burdens.
For this reason, many people decide to settle their personal injury cases. While settling may seem like a quick and easy solution, it’s important to weigh the pros and cons before making a decision.
Did you know?
When you go to trial, there’s always a risk that you may lose your case. Even if you have a strong claim, there are no guarantees in the courtroom. When you settle your case, you know exactly how much money you will receive and can avoid the uncertainty of a trial outcome.
Pros of settling your personal injury case
Pros of settling your personal injury case include:
- Faster Resolution: One of the main advantages of settling a personal injury case is that it’s a quicker way to reach a resolution rather than if you were to go to trial. Trials can take months or even years to complete, leaving you in limbo while you wait for a verdict. Settlement negotiations, on the other hand, are usually complete within a matter of weeks or months, providing you with the closure you need to move on.
- Lower Legal Costs: Trials are expensive. In addition to attorney fees, you may have to pay expert witness fees, court fees, and other expenses associated with litigation. Settling your case can significantly reduce these costs, allowing you to keep more of your settlement money.
- Settle Outside of Court: Despite popular belief, most cases settle outside of court. However, it isn’t uncommon for your lawyer to offer or suggest that you take your case to trial to reach a more desirable outcome. Take note that not all cases are guaranteed to produce the same results.
Did you know?
In some cases, things may be more optimal or convenient for a victim of personal injury if they were to go to trial. There are instances where a victim may skip the trial and settle.
In those instances, it is a regular occurrence for a victim to receive less compensation than if they would have went to trial.
Cons of settling your personal injury case
In comparison to the positives of settling your case, the cons of settling your personal injury case include:
- Potentially Lower Settlement Amount: When you settle your case, you’re essentially agreeing to accept a certain amount of money in exchange for dropping your lawsuit. The amount you receive may be lower than what you would receive if you went to trial and won your case. Usually, this is because the motivation of insurance companies is to settle for as little as possible to save money.
- No Chance of Appeal: When you settle your case, you waive your right to appeal. If you were to go to trial and lose, you would have the opportunity to appeal the verdict. When you settle, you’re giving up this right, which could be a disadvantage if you feel that the settlement amount is too low.
- Lack of Accountability:
When you settle your case, you’re essentially agreeing to let the responsible party off the hook without admitting fault. Without the other party being held accountable, this could leave you feeling unsatisfied if you perceive the other party to be at fault.
Going to trial may result in a verdict that holds the other party responsible for their actions and provides a greater sense of justice.
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