Our Clearwater personal injury attorney can explain how a settlement value is determined in your personal injury case. He or she may discuss the following information with you regarding this topic.
Your lawyer will evaluate the facts and circumstances involved in the case. He or she will then estimate a settlement range for your case based on this information. However, the information that your attorney provides is for advice only. You ultimately have the power to decide how much money to demand from the insurance company. You may disagree with your lawyer on this topic. While you should consider the advice of your lawyer who likely has more experience in this area than you do, it is your final decision. Once you and your Clearwater personal injury attorney reach an agreement regarding this figure, your lawyer will submit a demand letter to the insurance company, hoping that it will offer a settlement within the range that you and he or she determined.
Strategies in Negotiating
Some individuals believe that the settlement figure demanded of the insurance company should be extremely higher than the expected settlement figure. They reason that the insurance company will eventually meet somewhere in the middle. However, this strategy can backfire by the insurance company refusing to negotiate with a person that it decides is unreasonable. The insurance company assumes that going through litigation will be less expensive than paying an outrageous settlement figure. Instead, your lawyer may submit a demand letter that lists a value that is somewhat higher than the anticipated settlement range. He or she will assume that the insurance company will not accept this initial offer and will ask for a settlement below this initial demand. While this demand may still be higher than your anticipated settlement range, it should be reasonable to avoid ill feelings from the insurance company. The figure should allow flexibility and negotiation room from both sides. Before your lawyer drafts the initial demand letter, you and he or she can discuss the demand amount. Your lawyer can provide you with the reasoning behind any demand amount that he or she determines. Additionally, your Clearwater personal injury attorney may discuss the advantages and disadvantages of using a demand figure that you request.
Legal Assistance from Our Clearwater Personal Injury Attorney
If you would like more information about the potential settlement value of your case, contact a Clearwater personal injury attorney from Coleman Law Firm at (727) 461-7474 at your earliest convenience.