settlement figure
Halt | August 5, 2021 | 0 Comments

How Personal Injury Lawyers Calculate Your Settlement Figure

If you have been involved in an accident or incident with someone else at fault, one of your primary concerns is likely how you are going to pay all of your associated costs. You may not be able to work, and your medical treatments may come with a hefty cost outside of your budget.

The good news is that your chosen personal injury lawyer can work to calculate a fair settlement figure and negotiate with insurance companies on your behalf. Typically, that settlement figure incorporates some of the following factors:

Factors That Determines Your Settlement Figure

Medical Expenses

How to Find Medical Malpractice Lawyer

One of the first things an injury lawyer in Alpharetta does after taking on your case is calculated your current, ongoing, and future medical expenses. This can be one of the most straightforward parts of the damages calculation process, especially as you likely have receipts and future medical costs outlined by medical professionals.

Sometimes, personal injury lawyers wait until your treatment has ended before sending a demand letter to ensure they can request the most accurate settlement figure possible. Otherwise, they estimate your future medical expenses based on information from your doctors and health care providers.

Property Damage

Witness a Car Accident

If you have been involved in a car accident, property damage may also feature in your settlement figure request. This refers to damage to your vehicle based on how much it costs to fix or replace.

Even though your injuries may be your biggest concern, that doesn’t mean the negligent party shouldn’t also be made to cover the damage to your vehicle they are responsible for.

Lost Current And Future Earnings

After calculating your medical expenses and any property damage, your chosen injury lawyer will likely focus on your earnings. You may have missed work because of your injuries, and treatment for your injuries may see you take more time off in the future.

Even if you are able to take paid leave, this is not a cost you should have to wear as a victim injured in an accident in Alpharetta. Any leave benefits you claimed are likely to be calculated into this figure.

General Damages Multiplier

Accidents

You can hope that, at a minimum, the negligent party has to cover the immediate costs of your accident and injuries. However, that may not be enough to make up for your pain, suffering, mental and physical impact, and long-lasting effects resulting from an accident that wasn’t your fault.

In that case, your lawyer may use a multiplier to estimate your general damages. The more painful and damaging your injuries, the higher the multiplier between 1.5 and 5. The defendant may argue for a lower multiplier, but your lawyer can calculate your initial settlement figure before negotiations begin by setting a multiplier you believe reflects the impact of the accident.

Once you’ve decided on a figure, your lawyer puts it into a demand letter which is sent to the defendant to review. They may then send a counteroffer, decide to settle, or refuse to comply with a list of reasons why.

Your chosen personal injury lawyer factors many things into the settlement calculation process, including general damages, medical expenses, property damage, and lost earnings. By having a sound calculation process in place, they may stand a better chance of obtaining the settlement figure you rightfully deserve.

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