After an accident, you can pursue two main avenues to compensation: private legal settlements and court verdicts. When you work with an experienced personal injury attorney, he or she can review the information to determine an appropriate course of action. One important factor to remember is that parties can settle privately even after beginning court proceedings.
What Is a Legal Settlement?
Cornell Law describes a legal settlement as a mutual agreement that brings an ongoing dispute to an end. It also involves the voluntary dismissal of current court proceedings where applicable. When attorneys successfully negotiate a settlement on behalf of their clients, both parties can maintain confidentiality. In other words, there is no need to reveal the details of the settlement in court or to public parties.
What Are the Pros and Cons of a Legal Settlement?
When filing a suit, most people hope for settlements, so they can avoid the nasty and drawn-out court battles. Yet, years later, many people regret accepting these settlements. So, what are the pros and cons to consider before signing on the dotted line?
Benefits of Legal Settlements
It is easy to look back after the incident has passed and prefer a different route. However, settlements have their pros at the time people agree to them:
- When cases involve sensitive or confidential matters, parties can avoid bringing this into court and exposing it to the media.
- When parties settle, the entire case tends to cost less in time, money and effort.
- When negligent or liable parties choose to settle, there is often a better chance of getting the outcome you seek.
Disadvantages of Legal Settlements
So, why do so many people later break their settlement agreements or express regret? Hindsight is 20/20, but there are some cons worth noting:
- Settlements often mandate confidentiality via nondisclosure agreements, which can make it difficult for victims to provide details on what happened.
- When injured persons do not work with attorneys, they run the risk of accepting settlements far below the worth of their cases.
- When injured persons do not work with attorneys, the power imbalance makes it easier for the other party to dictate terms that are unfair and sometimes even illegal.
How Much Can You Get From a Legal Settlement?
There is no set range for how much you could receive in a legal settlement. Settlements could range from a few hundred dollars to tens of millions. These are some of the factors affecting the final figures:
- The severity of your injuries and how well you have documented them
- The strength of the evidence presented, such as dashcam footage in a car crash case
- The net worth of the liable party, such as a middle-class individual vs a big corporation
- The strength of negotiations and arguments presented by your Arizona attorney
- The expected value of the case if it went to court
- The likelihood of you winning the case if it went to court
Is a legal settlement the right approach for your accident case? Only an experienced attorney can determine this, and he or she must review the details of your case before doing so. Contact our qualified attorneys at Sargon Law Group to get the answers you need.