Q: How is the settlement in a personal injury case calculated? Should my lawyer review this information with me?
I am wondering what I should expect to be included in a settlement offer, and how a settlement amount is typically calculated. Also, should I expect my lawyer to discuss the details of my case expenses and damages with me before negotiations begin. Lastly, should my lawyer help advise me on how much I will need to cover past and future expenses. Thank you.
A: The answer to all your questions is “yes”. Your lawyer should consult with you on all of these things. And most important, in New York, you must approve any settlement. Your lawyer cannot settle without your consent. You’re a lawyer, however, is in a better position to advise you as to as to what a fair settlement is. That’s why you have a lawyer! If you have chosen a good, experienced, and well reputed Lawyer, you should be getting good advice. if you have any doubts, call a second lawyer for a second opinion.
Tim Akpinar agrees with this answer
A: The settlement is based on pain and suffering, permanence of injuries/disabilities, severity of injuries, impact on life, lost wages, medical expenses, and other factors. On complex cases involving very serious injuries, there can be future expenses, as you mention. On minor soft-tissue injuries that do not involve an extensive program of acute care and rehab, future expenses might not be relevant. In terms of calculations, it could be difficult to try to apply formulas. Attorneys often rely on their experience with similar cases, recent case law, the venue, and other elements - some of which do not necessarily lend themselves to mathematical calculations. Good luck
Jonathan R. Ratchik agrees with this answer
A: Your attorney should certainly keep you informed of any settlement discussions and explain the reasoning behind his recommendation to accept or reject any offers. You might be surprised to learn that there is no magic formula by which to calculate the value of any case. Instead, there are many factors that going into determining the "value" of a personal injury lawsuit, including liability, the extent of your injuries, whether you have any liens, and insurance coverage. If there's limited insurance coverage, it might not be possible to get compensation for all of your claimed damages.
Tim Akpinar agrees with this answer
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