In this YouTube video, Frekhtman and Associates discuss how to settle a personal injury lawsuit. When a person suffers an injury, the person or company responsible can be held liable by law for medical bills and damages. All personal injury settlements follow similar back-and-forth interactions.
The insurance company places aside funds in a reserve that they feel is appropriate to pay out to the injured party. They take half of that and pay a lawyer.
The insurance company lawyer will try to settle the issue for far less than this, which profits everyone but the victims.
Working with experienced accident lawyers stops much of the back and forth of the negotiations based on how insurance policies work and the financial limits the insurance company lawyer is allowed to deal with. The accident lawyer asks for what is fair and equitable based on the victim’s situation. This ask is presented to the insurance company as a settlement proposal.
These settlement proposals come with a deadline and a firm amount, usually more significant than what an individual would ask for independently but much lower than the insurance company’s reserve amount previously set forth. It’s better not to face an expensive and lengthy trial.
