Preparing Clients For Settlement Negotiations
When I prepare my clients for the negotiation table, I always try to have a straightforward conversation about the actual value of their case pursuant to the facts and law. As legal professionals, we gauge this value by examining past court rulings and jury awards for comparable injuries. It’s vital for clients to grasp this legal value because, understandably, they might assume their suffering and significant medical expenses should translate into a higher value. However, the path to a fair settlement often lies in aligning their expectations with legal realities.
Along the way, it’ll be important to remember that we are constrained by the legal concept known as legal quantum. This means that the case’s worth is bound by precedents set in previous cases with similar injuries. As such, keep in mind that while your personal journey may have been grueling, the case’s value must align with precedents from similar injury cases, or else it may be subject to reduction by the judge or an appellate court.
Insurance Companies And Fair Offers
In my experience, it’s exceptionally rare for an insurance company to initially extend a fair settlement offer. Typically, insurance companies or manufacturer defendants will give a ‘low-ball’ offer at an early stage in the negotiations. They do this with the understanding that, although it’s not likely to be accepted, they need to establish a starting point for the negotiations that is to their benefit.
Common Defense Strategies Used By Insurance Companies
When an insurance company or a product manufacturer outright denies a claim based on liability, your options may be somewhat limited. In such cases, your recourse often involves proceeding with litigation and, if they still deny liability, taking your case to trial.
On the other hand, if you receive at least a low-ball offer, there’s room for negotiation. You can engage in discussions, presenting compelling arguments and evidence to persuade them to provide a fair settlement amount. Alternatively, you can pursue formal mediation as a way to resolve the case. In my experience, it’s quite possible to reach a point where both parties find the resolution equitable and choose to settle.
The Power Of Having A Lawyer In Your Corner
In a product liability case, having a lawyer by your side is absolutely essential. Lawyers are equipped with the knowledge and expertise needed to handle these intricate cases. On the other hand, if you attempt to handle your case independently and engage with the manufacturer or the insurance company, they may attempt to exploit your lack of legal know-how.
These companies understand that you are not well-versed in the law or the procedural intricacies of pursuing a legal case, and will try to use this to their advantage. Working with a lawyer not only communicates that you are serious about your claim, it gives you the backing of an experienced professional whose job it is to ensure that you get the best outcome available to you.
When To Take A Defective Product Injury Case To Trial
When faced with a situation where the defendants don’t extend any settlement offers or when they adamantly refuses to accept liability, the only real course of action you have is to take your case to trial. If you do receive a low-ball offer, but it doesn’t come close to being fair, sometimes the most effective approach is to prepare for trial and demonstrate to the defendants your willingness to try the case. This can trigger a change in their position.
That said, you need to realize that mere threats of going to trial alone may not do it. To compel the insurance company or the manufacturer defendant to take your stance seriously, they must be aware of your unwavering commitment to litigate the case and believe you have a strong enough case, one such that going to trial may spell disaster for them. Many attorneys are hesitant to take cases to trial. Consequently, when such attorneys issue threats to proceed to trial, they may not carry much weight. However, if you work with an attorney who has a proven track record of actually trying cases, and they communicate their readiness to go to trial, that level of credibility can genuinely make a difference.
Trials Vs Settlements: Guaranteed Larger Settlements?
I always advise my clients that opting for a fair settlement offer is, more often than not, the wiser choice, particularly when contemplating a jury trial. But, why? Because juries can be unpredictable. I’ve witnessed unfavorable outcomes when a client, or even their attorney, succumbs to greed and rejects a fair settlement offer in pursuit of a jackpot at trial. In some cases, they end up being awarded significantly less money in court than what was initially available through the settlement. So, keep in mind that, when you go to trial, there are no guarantees. It’s like taking a gamble, and there’s always a chance that the trial verdict could yield considerably less than what a settlement offer would have provided to you.
The Cost And Impact Of Going To Trial
Typically, when I onboard a client, we establish a contingency fee agreement wherein my fee and any costs are deducted from the gross amount collected, and the client ultimately receives the net amount remaining after these deductions.
Another critical aspect to bear in mind is the sheer expense of taking a case to court. It’s often a substantial investment. You’ll need to budget for expenses like securing expert witnesses and acquiring high-quality technology to effectively present your evidence, ultimately necessitating a hefty price tag.
As such, it’s essential to weigh these costs when assessing a settlement offer. While a trial may potentially yield the same, or even more significant compensation, you might discover that the final net amount decreases post-trial due to the deduction of these substantial trial-related expenses from the judgment amount. So, take a thoughtful approach, discuss the pros and cons with your attorney, and carefully consider these expenses before making the decision to proceed.
Common Mistakes That Can Potentially Ruin A Settlement
One of the most frequent mistakes I’ve witnessed in nearly every litigation case is when the defendant attempts to depose the plaintiff. A poor performance by a plaintiff at deposition can cast a shadow over the case’s worth. If the plaintiff’s deposition reveals a lack of credibility, it can have a profound impact on the potential settlement value of the case. That’s why I always place a premium on comprehensive preparation for my clients before their depositions to ensure we steer clear of these pitfalls.
Discover The Difference Gertler Accident And Injury Attorneys Can Make
For over 30 years, our firm has been at the forefront of handling a wide range of cases, from product liability and auto accidents to medical malpractice and occupational disease claims. Our roots go back to the 1970s when my grandfather and father founded the firm. Personally, I’ve been part of it since 1994, and together with our team of accomplished attorneys, we’ve managed a multitude of personal injury cases, including achieving remarkable success in product liability cases over the years.
When you choose our firm to handle your injury case, you’re not just getting a lawyer with a few years of experience, you’re tapping into a team with decades of accumulated expertise. But it’s not just about longevity; it’s about a proven track record of substantial success. We’ve secured jury verdicts in the millions of dollars for our clients, showcasing that it’s not merely experience but a consistently triumphant client experience that truly sets us apart.
For more information on Effectively Handling Product Liability Claims, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (504) 581-6411 today.
