How Personal Injury Settlements Are Calculated 

When you’ve been injured due to someone else’s negligence, the aftermath can be overwhelming. Medical bills pile up, wages may be lost, and the emotional toll can be significant. At McCune Law Group (MLG), we understand the complexities involved in securing a fair personal injury settlement and strive to guide you through this intricate process. Here, we will explore how settlements are calculated, giving you a clearer picture of what to expect.  

Understanding Personal Injury Settlements 

A personal injury settlement is a financial agreement to compensate for injuries and losses resulting from an accident or wrongful act. Settlements aim to make the injured party “whole” by covering various types of damages. Understanding the factors involved can help clarify what you might be entitled to. Additional information on personal injury settlements can be found at Nolo.com. 

1. Medical Expenses 

Medical expenses are often the most straightforward part of a settlement. They include all costs related to treating your injuries, from emergency care and hospital stays to rehabilitation and ongoing therapy. It is important to account for projected future medical expenses, especially for severe injuries that require long-term care. 

2. Lost Wages and Earning Capacity 

If your injury prevents you from working, you may be compensated for lost wages. This includes current lost income and, in cases of long-term disability, compensation for future earning capacity loss. This aspect of the settlement considers your age, occupation, skills, and the injury’s impact on your ability to earn a living in the future. 

3. Pain and Suffering 

Compensation for pain and suffering addresses the physical and emotional distress caused by your injuries. While medical bills and lost wages are tangible, pain and suffering are subjective and can vary significantly. Factors influencing this component include the severity of the injury, recovery time, and the impact on your quality of life. 

4. Property Damage 

If an accident also damaged your property, such as a vehicle, repairs or replacement costs would typically be included in your settlement. It’s essential to document these damages with repair estimates and receipts. 

5. Comparative Negligence 

In some cases, your settlement might be affected by comparative negligence laws, which allocate fault among the parties involved. If you are partially responsible for the accident, your settlement might be reduced proportionally. For example, if you are deemed 20% at fault, your compensation may be reduced by that percentage. 

6. Legal Fees and Costs 

While not directly related to how settlements are calculated, legal fees and costs should be considered. Many personal injury attorneys work on a contingency fee basis, meaning they receive a percentage of your settlement. Understanding these fees upfront helps manage your expectations regarding the final amount you receive. 

Maximizing Your Settlement 

Working with an experienced personal injury attorney can significantly influence your settlement’s outcome. At MLG, our attorneys are adept at gathering evidence, negotiating with insurance companies, and ensuring all potential damages are considered. Our attorneys are leaders in the realm of personal injury law and have recovered over $1 billion across our practice areas for the injured and wronged. We prioritize understanding your unique circumstances and needs to advocate for a settlement that truly reflects your losses. 

Frequently Asked Questions:  

• What factors are considered in a personal injury settlement? 
  • Settlements consider medical expenses, lost wages, pain and suffering, property damage, and sometimes comparative negligence. 
• How are medical expenses calculated in a settlement? 
  • They include all costs related to injury treatment, such as hospital bills, rehabilitation, and future medical needs, documented with receipts and estimates. 
• How are legal fees handled in a settlement? 
  • Many attorneys work on a contingency fee basis, meaning they take a percentage of the settlement. It is crucial to discuss fees upfront with your attorney. 
• Can an attorney help maximize my settlement? 
  • Yes, an experienced attorney can gather evidence, negotiate with insurers, and ensure all aspects of your case are considered for fair compensation. 

How to Start Your Potential Case  

MLG can help you if you feel you have a valid personal jury claim and determine the next steps. Here are four steps to help you initiate contact:    

1. Step 1: Research and Gather Information – Before reaching out, gather all relevant information about your case. This includes details about the incident and information about the parties involved. Take note of the date, time, and location of the incident.     
2. Step 2: Call or Complete the Form for Initial Evaluation – Use the provided phone number or online form to contact our team. You may find it helpful to prepare a summary of your case before making the call or completing the form. This will ensure you provide essential details efficiently.     
3. Step 3: Schedule a Free Evaluation – Request a free evaluation to discuss your case in detail. We offer free initial evaluations to assess the viability of your case. During this meeting, you can share the specifics of your situation, ask questions, and get a better understanding of how our team can assist you.     
4. Step 4: Prepare for the Evaluation– Before the scheduled evaluation, organize all relevant documents and be prepared to articulate the details of your case clearly. This will help the attorney assess the merits of your case more effectively. During the evaluation, feel free to ask any questions you may have about the legal process, potential outcomes, and our approach to personal injury lawsuits. 

Knowledge is Key 

Navigating a personal injury settlement can be complex, but you do not have to do it alone. By understanding how settlements are calculated, you can better prepare for the process and make informed decisions. At MLG, our personal injury attorneys are dedicated to securing the compensation you deserve, helping you move forward with peace of mind. Our attorneys have successfully obtained compensation of over $1 million in car accidents, truck accidents, motorcycle accidents, boat accidents, pedestrian accidents, premise liability accidents, sexual abuse, dangerous roadways and workplace accidents, and more. If you have questions or need assistance with a personal injury claim, contact us today for personalized guidance and support.