Lawsuit settlement amounts can win plaintiffs upwards of millions of dollars. Makes you wonder how much money you can get from your own lawsuit, doesn’t it?
No matter the financial sum at stake in your lawsuit, you certainly want all the money you can get. With that in mind, let’s see how you can get the scales of justice to weigh in your financial favor. Keep reading to learn all about how legal compensation works.
What Kinds of Compensation Can I Get in a Lawsuit?
Most plaintiffs in civil lawsuits look for compensatory damages. These damages take the form of a dollar amount to recover the amount lost or spent as a result of the defendant’s action(s). It’s up to the plaintiff’s attorney, judge, and jury to determine this amount.
Civil lawsuits have three kinds of compensatory damages:
- Compensation for medical care
- Recovery of lost wages
- Compensation for emotional distress
Compensation for medical care is maybe the most common of all kinds of compensation. It can pay for the cost of medical treatment resulting from an accident, for example.
Someone who’s injured by another’s neglect commonly has to take off work for weeks or months at a time. A lawsuit can compensate for the income lost during such time.
Whether you like it or not, compensation for emotional distress takes a financial form. This kind of damage is more complex to calculate than other kinds. Damages for emotional distress can be large.
Most lawsuits don’t go to trial. Rather, the defendant pays the plaintiff money in exchange for the plaintiff waiving their right to go to court.
How Much Are Lawsuit Settlement Amounts?
Money talks, so let’s talk about money. In personal injury settlements, insurance adjusters use a damages formula to begin to calculate compensation.
Anyone who’s legally liable for an accident (along with their liability insurance company) owes money to an injured person for permanent physical disability or disfigurement, medical bills, pain and suffering, and more.
The adjuster’s damages formula starts with the cost of all medical expenses related to the injury, known as the medical special damages. Then he considers the emotional damages, pain and suffering, and permanent disability that comprises the general damages.
To determine compensation for such damages when there are minor injuries, the adjuster multiplies the number of special damages by one-and-a-half to three times. When there are serious, painful, or long-term injuries, the adjuster multiplies the special damages amount by five times or more. At that point, the adjuster adds the amount of income lost due to injuries.
The sum total is the starting point for settlement negotiations.
What Else Affects My Compensation in a Lawsuit?
Generally speaking, your cash advance on pending lawsuit will be higher if:
- Your injury is more painful
- There’s stronger medical evidence of your injury
- Any permanent effects of your injury are more visible and serious
- Your injuries require a longer recovery period
- Your medical treatment takes longer and is more invasive
After the insurance adjuster makes his initial calculation, all of the factors above affect how much compensation you’ll receive in a personal injury settlement.
How Can I Start the Process of Getting My Lawsuit Settlement?
As you can see, many factors combine to determine the amount of compensation in a lawsuit settlement. There are also different kinds of compensatory damages in a lawsuit.
Now that you know all about lawsuit settlement amounts, explore the rest of the site for more articles like this one.