Many personal injury cases are actually resolved through settlements. While full trials get more attention, they are not the most common route — and for good reasons. But while it's a good idea to entertain the idea of settling, it's just as important to know when to actually settle. What stage of the personal injury process is the best time to accept a settlement offer? Here are a few tips to find it.
1. After You Know the Finances
There are many legitimate reasons to accept a financial settlement. One of the most important is if this is the best financial outcome you're likely to receive. While insurers have deep pockets, many individual defendants don't. If you become convinced that they aren't likely to be able to pay a larger judgment, settlement can be your best choice.
2. After You Know Your Medical Situation
Insurers, in particular, may offer you a settlement as soon as possible. But you should never accept one until you know the full picture of your injuries and how they will affect you in the future. This can take some time.
3. After Discovery Occurs
Discovery is the pre-trial process of exchanging evidence and information. As you get access to evidence, statements, witness depositions, and other types of discovery, the strength and weakness of both cases becomes more clear. If yours isn't as strong as you hoped, it could be a good time to settle. On the other hand, if your case is stronger, you have the leverage to negotiate.
4. After Key Points in the Trial
A compelling witness or key piece of evidence can turn the tide of a trial. Did your expert witness provide a 'mic drop' moment? Did your testimony make them more sympathetic to your case? Has your opponent's team fumbled some key point? Take advantage of these changes to consider offering a settlement negotiation while the other party is worried about their case.
5. After the Jury Begins Deliberating
Did you know that you can negotiate a settlement all the way up to the point at which the jury delivers a verdict? While it's less common for settlement negotiations to take place this late in the trial (when costs have already added up) the other side may be motivated depending on how the trial went. In addition, jury behavior — such as not returning a verdict quickly — may be interpreted in ways that make a settlement more amenable to one side.
Where to Learn More
The right timing of your settlement offer or acceptance will help ensure you get the best possible deal. Learn more about these and other moments when settling could be to your best advantage. Meet with a local personal injury attorney in your state today.
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