What is judgment interest and how can it benefit me in a personal injury case?
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During a personal injury case, the attorney’s main goal is to seek the best settlement possible for his or her client. Because it can sometimes take several years for a decision to be passed in a court of law, judgment interest plays an important role.
When a client has been injured in an accident, they are naturally seeking immediate compensation for their injuries. However, “immediate” is rarely achievable, and thus, the attorney will attempt to improve the situation by securing additional compensation for the undesirable waiting period imposed on the client.
A client can request pre-judgment interest, which basically means they will receive a 6% interest on any principal sum awarded by the court during the waiting period.
In order to get pre-judgment interest, the attorney must complete four steps:
- Include a request for pre-judgment interest in the initial complaint.
- Create a jury instruction that tells the jury it has the right to set the date from which interest begins to run.
- Bring a jury verdict form that includes a provision for interest on the damages. Include a blank space for the date, which can be filled by the appropriate party.
- Ask the jury for interest starting with the date of the injury.
In sum, judgment interest can benefit the client because they can secure whatever money the court awards from the accident itself, as well as additional money that accumulates during the duration of the case.
If your case appears to be a long one, ask your attorney about judgment interest and get started on earning the best settlement that you deserve. Contact us at Parrish Law Firm, PLLC for more information at 571-229-1800.