The key to making a starting settlement demand is asking for more than you think your case is worth. By doing this, you start at a high point and can work your way down instead of the other way around. A personal injury attorney can help you determine the right amount of settlement for your case.
Figuring out the right settlement amount comes with a combination of negotiation and knowing the value of your claim. A lawyer can help you with both of these things and get you the settlement you need. Our personal injury attorneys at the Buzbee Law Firm explain how to figure out how much to ask for in a personal injury case.
Damages Your Settlement Should Cover
When you ask for a settlement amount, it’s essential to keep in mind all the damages that your settlement has to cover. Some of the most common damages in a personal injury case include:
- Lost wages
- Pain and suffering
- Property damage
- Physical impairment
- Loss of earning capacity
- Current and future medical expenses
- Vehicle repairs or replacements
When you meet with a personal injury attorney, they can help you identify what damages apply to your case. From here, you can start drawing up a settlement agreement and determine how much to ask for in your personal injury case.
Calculate Your Damages Over Time
When asking for a settlement, you want to make sure that the amount of money you receive will be able to cover your damages in the short-term and the long-term. There are two ways to do this; you can use the daily rate or the multiplier rate. Your personal injury lawyer may use either of these methods to determine your settlement amount.
Daily Rate
The daily rate focuses on determining the amount of your pain and suffering, which is a non-economic damage. To do so, your lawyer will use your yearly salary and multiply it by the number of days your recovery will take.
If you’re still in the healing process, either emotionally or physically, this number may not be as accurate. However, your doctor or therapist may be able to help determine how long your recovery will take.
Multiplier Rate
Another way a lawyer determines how much you should ask for in your personal injury settlement is using the multiplier rate. The multiplier rate is often used to calculate the amount of economic damages such as medical expenses.
To do this, your lawyer will take a certain economic damage, like loss of wages, and multiply it by a number 1 to 5. 1 being the least severe type of injury and 5 being the most severe type of injury. This method can help you, and your lawyer determine the correct settlement amount by calculating all your economic damages.
Both of these methods can be useful, so you may want to do the calculations for both rates. This can give you an idea of your overall situation and how much money you will need to be able to pay for your essential living expenses.
What Other Factors Should I Consider to Determine My Settlement?
There are various factors that go into determining your settlement amount, and it’s important to know what they are. Some of the factors that can help you figure out how much to ask for in a personal injury settlement are:
- Severity of injuries
- At-fault party’s actions
- Laws that apply
- Legal precedents
- Injuries’ impact on daily life
- Long-term impact of injuries
- Disabilities and disfigurements
- Medical procedures
- Going to court
- Negotiations
A personal injury lawyer can help you understand how each of these factors affects your case and how you can use them to your advantage to increase your settlement amount. After this, you’ll be able to confidently ask for the settlement that you deserve.
What Is the Average Personal Injury Settlement in Texas?
There is no average amount for a personal injury settlement because each case is different. This is a common question we wish we had the answer to, but we do not. However, when you meet with a personal injury attorney, they can give you a free case consultation that outlines your potential amount of damages.
A fact that is consistent with determining the amount of a personal injury settlement is that the more severe your injuries are, the higher your settlement will be. This is due to the significant amount of expenses that are associated with severe injuries.
The only way to know how much you should ask for in a personal injury settlement is to meet with a personal injury attorney and discuss your case. The expertise of an attorney can help you understand the value of your case.
Get an Estimate of Your Settlement From the Buzbee Law Firm Today
Determining how much you should ask for in a personal injury settlement can be difficult on your own. Our lawyers can help you figure out how much your case is worth and fight for your settlement.
Our personal injury attorneys at the Buzbee Law Firm can help you determine the value of your case and settlement amount with a free consultation. Give us a call or fill out the contact form on our website to start your free consultation.
