Guardian Accident & Injury Lawyers | September 14, 2024 | Personal Injury
It can take a lot of bargaining to reach a personal injury settlement. Even then, the amount that appears in the agreement will be more than the amount that will eventually appear in your bank account. How much less? That depends on several factors.
The Gross Settlement
The median personal injury settlement is only about $31,000. That figure doesn’t mean a whole lot, however. So much depends on the type of injury and the identity of the defendant. The average medical malpractice settlement, for example, exceeds $600,000. Before you can estimate the value of your particular claim, you really need to understand how the facts of your case intertwine with the applicable law.
Damages
Damages are amounts that you receive as a consequence of winning a personal injury claim. They come in three different varieties–economic damages, non-economic damages, and punitive damages.
Economic damages, for example, include:
- Past, present, and future medical expenses.
- Past, present, and future lost earnings. These could add up to quite a lot if you suffer a permanent disability that diminishes your ability to earn a living over the long term.
- Out-of-pocket expenses–a wheelchair, for example, or child care for your children while you are recovering from your injuries.
Non-economic damages, by contrast, are intangible–pain and suffering, emotional distress, loss of enjoyment of life, and similar items. Counterintuitively, non-economic damages are typically worth several times as much as economic damages.
Punitive damages are–well, uncommon. Courts don’t like to award them unless the defendant’s conduct is clearly outrageous. Their objective is to punish the defendant, not to compensate you for loss.
Comparative negligence
If the accident that injured you was partly a product of your own negligence, Georgia’s comparative negligence rules apply. You can lose some or even all of the value of your claim that way. If you were 30% at fault, for example, you would lose 30% of your damages. If you were 50% at fault, you would lose 100% of your damages.
Interest
If a court resolves your claim, the judge might grant you interest on your damages between the time they arose and the time you received your money. If you settle out of court, you can demand interest if your bargaining position is strong enough. Damages plus interest equal your gross settlement, and deductions come out of that amount.
Where the Settlement Check Goes
Typically, personal injury settlement money goes from an insurance company to your lawyer’s client escrow account. Your lawyer will deduct all appropriate amounts and send you the rest. The entire process might take a few weeks.
Attorney’s Fees
Your lawyer’s attorney’s fees will probably amount to a certain pre-agreed percentage of the amount of your settlement. A typical deduction is 30% to 40% of your gross settlement. Of course, if you lose the case, in other words, if your recovery is zero, your legal fees will also be zero.
Case Expenses
It costs money to pursue a claim. You might need to pay for medical records, expert witnesses, or even court fees if you need to file a lawsuit to stimulate a settlement, for example. Typically, a personal injury lawyer will pay your case expenses in advance and deduct them from your winnings. If they lose the case, they may eat the loss themselves.
Medical Liens
Your healthcare provider might place a medical lien on your personal injury settlement to make sure you pay your medical bills. If there is a lien, your lawyer will pay it off before you ever see the money. If there is no medical lien, you will still have to pay medical expenses one way or the other.
A Personal Injury Lawyer Can Help You Recover Maximum Compensation
Atlanta, Georgia, is filled with personal injury lawyers, but very few of them are effective. If you have a substantial claim, you probably need a lawyer. Schedule a free initial consultation to discuss the value of your claim and the likely amount of any deductions from your gross settlement amount.
Contact the Sandy Springs Personal Injury Lawyers at Guardian Accident & Injury Lawyers Today
If you were involved in an accident that was someone else’s fault, you could be entitled to financial compensation. Payment for your damages will often come in the form of a settlement. A Sandy Springs personal injury lawyer can guide you through the settlement process from the start of your claim to the day you receive your settlement check.
For more information, please contact an experienced personal injury lawyer at Guardian Accident & Injury Lawyers to schedule a free initial consultation today.
We proudly serve areas around Fulton County and Clayton County, GA, and its surrounding areas:
Guardian Accident & Injury Lawyers – Sandy Springs
200 Sandy Springs Place NE, Atlanta, GA 30328
Open 24 Hours
(404) 255-9000