Seven Tips for More Efficient (and Successful) Settlement Talks

Friday, June 17, 2016

Seven Tips for More Efficient (and Successful) Settlement Talks

Written by Malman Law, reviewed by Steve J. Malman.

Chicago Injury Attorney Offers Settlement Tips

If you are involved in a personal injury lawsuit, then you may be surprised to find out that a large volume of personal injury claims never go to court. Instead, the vast majority of these claims are settled outside of the courtroom (about 92 percent of the time). During the settlement negotiation point of your case, your attorney and the defense team will discuss possible settlement amounts. As the injured party, you have the final decision – whether you choose to accept the settlement or not. If your case is not resolved during these settlement talks, it will then move on to trial.

Tips for Better Settlement Negotiations

Settlement talks are negotiations; therefore, you need to be prepared before you enter the room. Sometimes, negotiations are done back and forth between your lawyer and the defense’s lawyer, while at other times they are done during mediation. Regardless of when and where your talk begins, consider the following to make it as efficient as possible:

1. Separate what you need from what you want. This is a critical step in negotiations. While you may think that you deserve a certain figure, the reality is that personal injury claims are based on true damages. Therefore, you will need to have a bottom line – which covers what you need.
2. Understand what the other side wants, too. You will want to know what the defendant wants to help your negotiations. By understanding what they are looking for, you can bargain a better settlement for yourself, and possibly even reach a deal.
3. Know what is a fair settlement. This is the most important step in any negotiation: Fairness. You need to know what you want out of the deal, and you should be able to walk away from settlement talks feeling as though you were given an adequate amount of compensation.
4. Determine the alternatives. If you cannot reach a settlement during negotiations, your case will likely go to trial. You will need to decide if going to trial is going to yield a better outcome, and if holding out is worth it for your case.
5. Listen. While you may want to sit and talk, you will get further in negotiations if you stop and listen to what is being said. You can learn a lot by listening to what the defense has to say – and you can learn even more by identifying what they are not saying.
6. Watch your tone and emotions. While settling a personal injury claim is an emotional process, you cannot allow your emotions to take over the negotiation process. You could say things that you may regret, and if you let the conversation get too heated, you could accidentally hinder the settlement progress.
7. Have an attorney present. The best way to get what you want from settlement talks is to have a skilled negotiator by your side. An attorney can help you identify what is fair, the adequate amount of compensation that you need, and explore alternatives with you so that you can enter negotiations prepared.

Speak with a Chicago Injury Attorney Today

If you have been seriously injured in an accident, then you will want an attorney there to represent you during negotiations. Contact the attorneys at Malman Law today. We offer free consultations, and we work as our clients’ advocate to ensure that they receive the compensation that they deserve for lost wages, medical costs, pain and suffering, and more. Schedule your consultation now by calling us at (888) 625-6265. You can also ask a legal question online via our website contact form.