Personal Injury Settlement Negotiation
by Cornelius Redmond l July 18, 2024
Negotiating a personal injury settlement is an intricate dance that requires skill, strategy, and an in-depth understanding of the law. At our firm, we guide our clients through this complex process to secure the best possible outcomes. Here’s an inside look at how we approach negotiations to maximize your compensation.
Understanding Liability and Compensation
In every personal injury case, determining liability is crucial. Let’s say the client is deemed 20% responsible for an incident. If the total compensation is $300,000, we must deduct the client’s share of responsibility—20%, which is $60,000. This leaves us with $240,000. Understanding these calculations is essential for setting realistic expectations.
The Strategy of Starting High
When negotiating, it’s vital to start from a high point. You want to begin with a demand significantly higher than your target settlement. However, avoid starting so high that the other party refuses to negotiate. For instance, if we’re aiming for $300,000, we might initially demand $600,000. This gives us room to make concessions without underselling the claim.
The Negotiation Dance
Here’s a hypothetical scenario: we start by demanding $600,000. The opposing party might counter with an offer of $100,000. We respond by lowering our demand to $500,000. They counter with $200,000, and we adjust our demand to $400,000. Eventually, we might meet at $300,000. While real-life negotiations are rarely this straightforward, starting high allows room for strategic concessions.
Navigating Arbitration and Mediation
Settling a case can involve arbitration or mediation.
Binding Arbitration:
- The arbitrator decides the outcome, and both parties must accept it.
- This method is often avoided by plaintiff’s attorneys because it leaves no room for appeal and can favor the defense.
Mediation:
- A mediator facilitates negotiations without dictating the outcome.
- This method is more flexible, allowing either party to reject the mediator’s suggestions.
- Mediation fees, typically around $1,500 per party, come from the client’s settlement share, but the investment often saves time and trial costs.
The Trial Option
If negotiations fail, going to trial is the next step. Trials involve presenting the case to a jury, typically taking about five days. Our clients are thoroughly prepared to testify, recounting every detail of their experience and the impact of their injuries.
We invest substantial time in preparation:
- Drilling crucial details like dates, locations, and events into the client’s memory.
- Conducting mock cross-examinations to prepare for defense questioning.
- Ensuring clients can confidently explain their injuries and the incident.
During the trial, we vigorously cross-examine the defense and advocate for fair compensation. While the jury can side with us entirely, they also have the discretion to award different amounts.
Conclusion
Negotiating personal injury settlements is a delicate process that balances assertiveness with realism. At Redmond Law Firm, we combine legal expertise with strategic negotiation tactics to advocate for our clients’ best interests. Whether through skillful negotiation, mediation, or trial, we are committed to securing the justice and compensation our clients deserve.
If you need expert guidance through your personal injury case, contact us for a free consultation. We’re here to help you navigate the complexities of your claim and achieve the best possible outcome.
