There is no simple formula that can be used to calculate the amount of money someone deserves for a personal injury case. However, understanding how settlements are calculated and looking at case examples may help you understand the worth of your case.
What is the Average Settlement Amount?
There isn’t an average personal injury settlement amount because the value of every claim varies significantly. In all cases, the value of a claim depends on the details of the case. For instance, the cost of the medical bills, the permanency of the injury, and the amount of time missed from work for recovery all impact the value of a settlement.
When determining a verdict, the court looks at medical bills, pay stubs, and other documents to calculate the settlement amount. But a settlement is different. Although both sides look at the documentation to calculate a fair settlement, there is more flexibility. The two parties negotiate and attempt to agree upon a settlement amount.
If a plaintiff has a strong case, the other party is likely to offer a higher settlement. Meanwhile, a plaintiff with a weak case is likely to get a low settlement, if any at all.
The Defendant’s Assets
There’s one crucial factor that will affect your settlement amount- the defendant’s assets. If a defendant does not have enough assets, they won’t be able to agree to a high settlement. No matter how strong your case may be, you won’t receive enough more than the defendant can pay.
If the case goes to trial, the court could order the defendant to sell their assets or they may garnish their wages. However, they are limited in their power and the court can only do so much to get you money for your damages.
Examples of Personal Injury Settlement Amounts
By looking at some examples of personal injury case settlement, you can understand more about the process. Typically, settlement amounts vary from several thousand dollars to millions of dollars.
Mold in an Apartment Complex
In one incident, a global settlement for $3,000,000 was given for mold that was left in an apartment complex. The maintenance company and property owner did not fix their mold problem, although they were aware of the issue. After multiple individuals experienced health issues, they sued and were able to recover money for property and medical damage.
One elderly woman suffered from a life-altering injury when a medical professional did not manage her condition after she received epidurals. She was left paralyzed and was awarded a settlement of $2,100,000.
Wrongful Death of a Child
After a child with Downs Syndrome was not properly treated in the emergency room, they passed away. The family sued for wrongful death and received a settlement of $600,000.
Restaurant Slip and Fall
While in the beverage area of a restaurant, a patron slipped on a liquid and suffered from a knee injury. Their injury was severe enough to demand arthroscopic surgery. After agreeing to a settlement, the individual received $199,000.
Getting the Help You Need
As you can see, there are many differences between personal injury case examples. If you want to know more about the value of your cases, you should speak to an experienced attorney. To get more information about personal injury law, contact Friedland & Associates. Don’t hesitate to file before the statute of limitations expires on your claim.
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