Basic Boca Raton Personal Injury Settlement Breakdown: How Much Goes in My Pocket?
Gregg Hollander | May 21, 2022 | Personal Injury
You can recover compensation for damages caused by an accident or personal injury caused by another party. That party may be liable for your financial losses and other damages. Most personal injury claims settle through negotiations with the party’s insurance company.
Many injured victims have no experience with injury cases. Therefore, they may not know how much to ask for in a personal injury settlement.
A good personal injury lawyer works to put as much money in your pocket as possible. An experienced legal team diligently pursues your case to maximize the amount of your personal injury settlement.
Before answering questions like “how are settlements paid out,” we need to explain factors that impact the money you receive for an injury claim.
Type and Severity of Injuries
The value of your injury claim increases as the severity of your injuries increases. Generally, people incur higher medical bills, lost wages, and other economic damages when they sustain catastrophic injuries and permanent impairments.
Severe injuries also increase the value of non-economic damages, including pain and suffering and diminished quality of life. In addition, it is presumed that permanent disabilities cause a person to experience severe emotional distress and mental anguish.
Catastrophic injuries include but are not limited to:
- Spinal cord injuries
- Fractures and broken bones
- Amputations and loss of limbs
- Internal organ damage
- Traumatic brain injuries
- Significant scarring and disfigurement
We work with medical experts and financial professionals to gather evidence documenting the extent of your injuries and damages.
Liability for the Cause of Your Injury
Tort laws hold the person for your injuries liable for damages. In other words, the person who caused your injuries is financially responsible for compensating you for your economic and non-economic damages.
However, you have the burden of proving the legal elements to hold the party responsible for damages. Generally, you must prove the party owed you a duty of care and breached the duty of care. You must also prove the breach of duty caused your injuries and that you sustained damages.
The other party may claim that you contributed to the cause of your injury. If you are partially to blame for your injuries, Florida’s comparative fault law reduces your compensation by your percentage of fault. In other words, you receive less money for a personal injury settlement if the other party can prove you are partially at fault.
Other Factors That Affect How Much Money You Receive for a Personal Injury Settlement
Each personal injury case is unique. The facts and circumstances of the case affect the amount of money you put in your pocket after a settlement. Factors that could impact your recovery include:
- The parties involved in the case
- Whether more than one party is responsible for your damages
- If you have any prior injuries or pre-existing conditions
- The strength of your evidence proving fault and liability
- The availability of insurance coverage and policy limits
- The statements you make after your injury and the steps you take during your recovery
The insurance company tries to minimize the amount it must pay to settle your claim. A claims adjuster may pressure you to accept a low settlement offer if you do not have legal representation. An injury lawyer assesses each factor that could impact how much your case is worth and works to maximize recovery.
How Are Personal Injury Settlements Paid Out to Clients?
When you and the insurance company or other party agree to a settlement amount, your Boca Raton personal injury lawyers prepare a settlement agreement. After all parties sign the agreement, the insurance company issues a check to your attorney.
The settlement check is deposited into a trust account to clear. Once the check clears, your lawyer disburses the funds as follows:
Medical Liens and Subrogation Claims
Outstanding medical bills, medical liens, and subrogation claims must be paid. Our legal team works to lower the amount you must pay to satisfy these debts by negotiating payoffs whenever possible.
We accept cases on a contingency fee basis. That means we are not paid unless we recover money for your claim. The attorneys’ fees are deducted from the settlement amount.
What percentage does a lawyer get in a settlement case? The percentage of attorneys’ fees depends on your agreement with your attorney. The percentage used may be based on the type of case, the lawyer’s experience, and other factors.
What percentage do lawyers take if the case goes to trial? Some attorneys use a sliding scale for contingency fees. They charge a lower percentage if the case settles before filing a lawsuit.
Costs and Expenses
How much do lawyers take from a settlement for costs and expenses? The costs of a case are also deducted from the settlement. Examples of costs include:
- Deposition fees
- Court costs
- Filing fees
- Postage and copy fees
- Fees for documents and reports
- Expert witness fees
- Travel costs
- Investigation costs
- Trial preparation
Before hiring a lawyer, make sure you discuss all the costs you are responsible for paying. Having a clear understanding of the amount you must pay from a personal injury settlement avoids problems when it comes time to disburse the settlement funds.
Contact Our Personal Injury Law Firm in South Florida – Hollander Law Firm Accident Injury Lawyers
Hollander Law Firm Accident Injury Lawyers – Boca Raton Law Office
7000 W Palmetto Park Rd #500
Boca Raton, FL 33433
Available 24 hrs.
Hollander Law Firm Accident Injury Lawyers – Fort Lauderdale Law Office
1975 E Sunrise Blvd Suite 702
Fort Lauderdale, FL 33304
Available 24 hrs.
Hollander Law Firm Accident Injury Lawyers – West Palm Beach Law Office
319 Clematis St #203
West Palm Beach, FL 33401
Available 24 hrs.