When You Should Strongly Consider Settling Your Case
When negotiating a personal injury settlement, a common belief is that those who have weak cases should settle while those with strong cases should go to trial if they aren't satisfied with the final settlement offers. However, you should strongly consider settling under these three conditions even if you are convinced you have a strong case:
Previous Jury Verdicts Don't Favor You
Previous jury verdicts will give you an indication of what to expect if your case proceeds to trial. In fact, everyone else involved in your case will be looking at recent jury verdicts in cases similar to yours to help them make their decisions. If juries have awarded insignificant settlements in similar cases, then it might not make much sense to litigate the case. For example, if they have awarded token amounts in the range of a few thousand dollars, you shouldn't place much faith in getting hundreds of thousands or millions. In such a case, it might be best to settle, especially if the defendant offers any amount approaching the range of previous jury awards.
The Projected Cost of the Litigation
Apart from your lawyer's fees, the cost of litigating a personal injury case depends on different factors, such as expert witnesses fees, transport and accommodation expenses (for lawyers and witnesses), and the cost of investigation, among others. The nature of your injury determines how many of these costs you have to bear. For example, you may need expert witnesses if you are litigating a defective product case and the product involved is an unusual one. At the end of the trial, the total fees and expenses for the case may go as high as 60% of the total settlement. This may not make much financial sense for you if your potential settlement doesn't amount to much even before the deductions. Therefore, talk to your lawyer about these costs before opting for litigation.
The Defendant's Finances and Insurance Coverage
Even if you have a strong case, it doesn't make a lot of sense to pursue an injury case against a defendant who doesn't have the resources to pay any settlement you might win. In most personal injury cases, it is the defendant's insurer who actually pays the settlement money. However, this may not be possible if the defendant doesn't have adequate insurance or is uninsured. A plaintiff who finds themselves in such a situation has the option of garnishing the defendant's personal resources, such as their wages, bank account, or real estate property. However, if your defendant doesn't have those two, it's advisable to take any money they offer as settlement and forgo litigation.
Contact a firm like Dunbar & Dunbar for more information about your options.