What Is A Settlement?
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A settlement is an out-of-court agreement that ends a personal injury case or another type of civil dispute. When you settle a case, you reach an agreement with the at-fault party and their insurer to accept a certain sum of money in exchange for agreeing to stop any further legal action.
We can often reach fair settlement agreements for our clients before we file a personal injury lawsuit and take legal action, but in other cases, filing a lawsuit is what it takes to convince the at-fault party’s insurer to increase their offer and agree to a fair settlement.
Benefits of Settlement in a Personal Injury Case
At the Parrish Law Firm, PLLC, we understand how insurance companies work and can often use this to our advantage, negotiating a fair out-of-court settlement instead of taking your case to trial. When it is possible to get a just settlement without taking your case to court, it may be a good decision to spare the expense of litigation. We can discuss this if the opportunity arises in your case.
There are also benefits of agreeing to a settlement for the insurance company and defending party. They maintain control of how much they offer instead of facing potentially larger payouts following a court award. In addition, they also do not have to pay for an expensive trial or spend time in the courtroom.
Navigating the Settlement Negotiation Process
The steps required to reach a just settlement in a personal injury case begin the day we go to work on a case. We need to conduct a full investigation to prove fault and liability, and to document the victim’s expenses and losses related to the accident and their injuries.
Only once we have a general idea of what a fair settlement value might look like in your case do we reach out to the liable party’s insurer through a demand letter. This letter outlines our case against their policyholder, an outline of damages, and a proposed settlement.
This demand letter signals the beginning of the negotiation process. If it makes sense for a client’s case, we will file a lawsuit and continue to negotiate until their case goes to trial. In some cases, last minute settlements right before the trial are a possibility.
Note: Per Code of Virginia Section 8.01-243, we only have two years to file a lawsuit. If we do not file a lawsuit within this timeframe, then your claim will likely be lost forever. This is why it is best to get started as soon as possible.
The Importance of Understanding Your Related Losses and Expenses
Before we take any other steps to recover a payout for our clients, we collect as much evidence as possible and build a strong case. As a part of this process, we seek to identify their accident-related injuries, expenses, and losses and document them as much as possible. This is a key step in ensuring you get a just settlement, but it can be difficult to manage without help.
As legal professionals who handle cases similar to yours each year, we know where to look for the most common damages and how to prove them. Damages you may recover in an injury lawsuit may include:
- Medical treatment and related costs
- Out-of-pocket expenses
- Lost wages and benefits
- Diminished earning capacity
- “Pain and suffering” and inconvenience
If the insurance company offers you what seems like a large settlement, you can almost always count on your damages being higher. Before you sign anything, give us a call and let us review your case at no cost to you. We can help you collect evidence of your expenses and losses and calculate a fair settlement value.
We see many clients who almost left thousands of dollars on the bargaining table by considering an early settlement offer. We want to prevent you from making the same mistake.
Let the Parrish Law Firm, PLLC Review Your Virginia Personal Injury Case
At the Parrish Law Firm, PLLC, our firm founder James R. Parrish has access to extensive information from inside the insurance industry about how these companies work and the lengths they will go to avoid paying you what you deserve. This is possible because he used to represent these companies in these cases!
Our team knows the insurance companies and how they work better than anyone. We can help you understand your legal options and whether a settlement is possible in your case. Let us review your case today. Call 571-229-1800.
Talk to a Manassas, VA Personal Injury Attorney About Your Case Today
If you suffered injuries in a personal injury accident in Manassas, Fairfax, or any of the surrounding Northern Virginia communities, the Parrish Law Firm, PLLC is here to help.
Reach out to us today at 571-229-1800 for your complimentary consultation.