Determining how much to ask for in a personal injury settlement depends on the facts of your case and your realistic costs. The amount of your request and the method for calculating this total changes based on the type of compensation that you seek. These factors make it difficult for any legal representative to give you an accurate estimate of your potential compensation before analyzing your case.
Methods for Calculating Compensation
There are several methods used to calculate compensation. You can calculate special (or economic) damages based on solid numbers. For example, the cost of your medical bills after a car accident gives you an exact figure to request. Adding all the applicable expenses together forms the basis for how much to ask for in a personal injury settlement.
Our Chicago personal injury attorneys want plaintiffs to know that for general (or non-economic) damages like pain and suffering, emotional distress, loss of social companionship and consortium, loss of enjoyment for everyday activities, etc., there is no objective method to use when calculating how much you should ask for compensation. Instead, lawyers usually use one of two methods: daily and multiplier.
Daily
The daily method determines the value of your pain and suffering on a per-day basis, typically using your annual salary as a guide, then multiplying that value by the number of days that recovery takes.
Multiplier
The multiplier method takes the value of other forms of compensation, such as medical expenses, and multiplies it by a set number. This number is usually between 1 and 5 and depends on the severity of your injuries. Lawyers use both methods routinely in civil cases.
Expenses
Determining what expenses to include is perhaps the most challenging part of determining the amount of compensation to request. The University of Missouri’s Journal of Dispute Resolution looks at this problem in detail and the factors that influence different cases. There are many expenses related to your recovery that you could include in your request:
- Medical expenses: Your compensation package can consist of bills for any medical treatment that you receive that is related to your case. It is crucial to make sure that you have evidence that shows a connection between your injuries and the incident that caused them. Medical records from your care providers usually suffice as proof.
- Property damages: You can include any personal property damaged or destroyed as part of your claim. This is common after car accidents.
- Mental healthcare: Seeking psychological therapy can become costly. Fortunately, you can submit the bills for compensation.
- Physical therapy expenses: Many injuries need long-term rehabilitation, which is usually provided through physical therapy.
- Lost wages: If you miss work due to your injuries, then you can be compensated for income, bonuses, promotions, and other work-related benefits that you did not receive.
It is important to document any expenses that you incur during the recovery process. You can claim many of those expenses as compensation in a personal injury settlement. Having this documentation makes it easier to determine the right amount to request as damages. If you do not have all the bills on hand, you can get copies from your providers.
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Potential Compensation
The amount of compensation that you can get usually depends on the severity of the case. If you experience severe injuries, experience a significant impact on your daily life, or have clearly struggled while recovering from your injuries, your potential compensation is higher.
Judges and juries take these factors into account when determining the amount of compensation to award. They also consider the actions of the at-fault person. If they do something particularly dislikable, you could claim a larger amount of compensation.
Other Factors
Many factors can affect your decision on how much to ask for in a personal injury settlement. The University of Georgia has studied the different factors and how they influence settlements and awards. These factors include:
- Severity of injuries
- At-fault party’s actions
- Applicable laws
- Precedents
- Impact on daily life
- Long-term impact
- Disabilities and disfigurements
- Necessary medical procedures
- Going to trial
- Negotiations
Every case is different, so determining the amount that victims should ask for in a personal injury settlement is problematic. You might find that working with a lawyer to calculate a more exact figure makes the process easier.
Personal injury lawyers do these types of calculations in most of their civil cases. The methods that they use might change with each lawyer but offer some level of consistent outcomes. Many lawyers also offer free consultations so that you can get access to guidance and advice without further financial risk.
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If you or a loved one needs to file a personal injury lawsuit, you might want to consult a lawyer for guidance. You could benefit from their experience and legal training in handling many facets of the legal process, such as calculating the right amount of compensation to ask for in settlement negotiations. Contact Pintas & Mullins Law Firm today at (800) 223-5115 for a free case review with our legal team.
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