Robert M. Hammers | June 18, 2024 | Personal Injury
If you are involved in a personal injury case, understanding the financial implications of a settlement may be crucial since most claims are settled out of court. Settlements are meant to compensate you for various damages, but different factors influence the final amount that goes into your pocket. An Atlanta personal injury attorney can help you understand the value of any potential settlement.
Understanding Compensation Included in Settlements
A personal injury settlement aims to make you whole again after an accident with financial compensation. This means it should cover all your potential losses due to an injury, past, present, and future.
Compensation typically includes:
- Medical expenses: Compensation for past, present, and future medical bills related to your injury.
- Lost wages or diminished earnings: Compensation for lost wages, benefits, or earning capacity if injuries prevent you from working.
- Pain and suffering: Compensation for physical and emotional distress associated with your injury.
- Property damage: Costs to repair or replace personal property damaged in your accident.
- Loss of consortium: Compensation for the impact of your injury on relationships with a spouse or family member.
Every personal injury case is different, but these forms of compensation are the most commonly included in settlements. An Atlanta personal injury lawyer can evaluate all potential damages that should be factored into your settlement.
Potential Settlement Deductions
The gross settlement amount offered to you may seem substantial. However, potential deductions may reduce the net amount that ultimately goes into your pocket.
These deductions include:
- Attorney fees: Atlanta personal injury lawyers typically work on a contingency fee basis. This means they receive a percentage of your settlement between 33 and 40 percent. They only earn this amount if they settle your case; otherwise, you will pay no attorney fees.
- Litigation expenses: Costs associated with pursuing your personal injury claim. Common litigation expenses include court filing fees, expert witness fees, and deposition costs.
- Medical liens: Medical providers who treated you for injuries may have a lien on your settlement for unpaid services. These amounts must be deducted from your settlement before it is distributed to you.
An Atlanta personal injury lawyer can calculate potential deductions that may impact the net value of your settlement.
Factors Influencing Settlement Value
Several factors affect the value of your personal injury settlement. Understanding these can help you set realistic expectations.
Strength of Your Case
The more compelling your case and damages, the higher the likelihood of securing a substantial settlement. The strength of your case will hinge on different factors, including evidence of liability, documentation of your injuries, and witness testimony.
Severity of Your Injuries
The severity and permanence of your injuries significantly impact the settlement amount. Catastrophic injuries that result in long-term or permanent disability often lead to higher compensation. This is due to the extensive medical treatment and prolonged recovery periods that are often required.
Comparative Fault
Georgia follows a modified comparative fault rule. This means if you are partially at fault for your accident and injury, your compensation will be reduced by your percentage of fault. For example, if you are found 20 percent at fault for a car accident in Atlanta and your total damages are $50,000, you would receive $40,000. Evidence supporting comparative fault will be factored into the value of a potential settlement.
Insurance Limits
The insurance policy limits of the at-fault party also play a crucial role in determining your settlement amount. If the policy limits are lower than your damages, it will likely restrict the compensation you can recover. Insurance policies will not pay more than their limits. You may need to attempt collecting compensation from the at-fault party directly if you have damages that exceed those amounts.
Pursuing a Personal Injury Settlement? Consult A Personal Injury Lawyer at Hammers Law Firm Today
It is important to understand the components of a personal injury settlement and the potential deductions that may impact the final amount that goes into your pocket. If you are pursuing a personal injury claim, an Atlanta personal injury lawyer will fight to improve your odds of achieving a favorable result, including a settlement.
For more information, reach out to the Atlanta personal injury law firm of Hammers Car Accident & Personal Injury Lawyers to schedule a free initial consultation. Contact one of our offices to schedule your free consultation with one of our experienced personal injury lawyers in Sandy Springs, Atlanta, Lawrenceville, Mableton, Smyrna, and Roswell.
We serve Fulton County and its surrounding areas:
Hammers Car Accident & Personal Injury Lawyers – Atlanta
201 Joseph E Lowery Blvd NW Suite 312,
Atlanta, GA 30314
(770) 900-9000
Hammers Car Accident & Personal Injury Lawyers – Sandy Springs
5555 Glenridge Con, Suite 975,
Sandy Springs, GA 30342
(678) 605-9838
Hammers Car Accident & Personal Injury Lawyers – Lawrenceville
265 Culver St S. Suite A.
Lawrenceville, GA 30046
(678) 916-8584
Hammers Car Accident & Personal Injury Lawyers – Mableton
5701 Mableton Pkwy SW Suite 108,
Mableton, GA 30126
(706) 480-5487
Hammers Car Accident & Personal Injury Lawyers – Smyrna
2400 Herodian Way Ste#220,
Smyrna, GA 30080
(678) 922-4497
Hammers Car Accident & Personal Injury Lawyers – Roswell
110 Mansell Cir #111,
Roswell, GA 30075
(678) 582-8466