Even the most experienced injury attorney cannot predict exactly how much compensation a client can obtain for their medical costs, lost work wages, and punitive damages. Before initiating legal action, attorneys must consider if they will resolve a case through mediation or trial. Partnering with a settlement planner to determine the case value early in the process will help you determine what direction to take your case.
What Does the Case Value Accomplish?
Working with a settlement planner to determine the value of an injury claim is beneficial because it helps the attorney determine what a case is worth and whether they should put their time and resources into defending the case. It also ensures that the plaintiff’s medical and financial needs are properly analyzed. The case value gives the plaintiff a realistic expectation for their case.
How Does the Settlement Planner Determine Case Value?
There are a number of factors that must be considered when determining case value. A settlement planner will analyze the following:
- Life Care Plan (LCP): The settlement planner will have a LCP drawn up which projects the current and future needs of the personal injury victim. These costs include medical, physical, and psychological care.
- Loss of Earnings Projections: The settlement planner will project the personal injury victim’s loss of earnings by examining factors such as the extent of the injury, their job industry, and education level to calculate what the injury will cost the claimant over their working lifetime.
- Damage Caps: Damage caps limits what personal injury victim can be awarded. These vary by state, but when applicable, the damage caps will be considered to give the plaintiff a more realistic expectation of what they could be awarded.
Work With a Knowledgeable Settlement Planner
Taking on a new case requires attorneys to invest a significant amount of time and money. The more complex the case, the more difficult it can be to determine your next course of action. The settlement landscape is complicated and presents a large malpractice risk for your firm. When representing a client, you are responsible for protecting your client’s interests. Failing to do so could be detrimental to your client as well as your reputation.
Working with a settlement planner from Synergy Settlement Solutions can be valuable for both you and your client. We streamline the settlement process and advocate for your client along with you. Connect with us today to ensure that your client’s financial and medical needs are met.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.