What is a Settlement?
A personal injury settlement is a formal resolution between the injured party and those responsible for causing harm. When someone sustains injuries due to another’s negligence, a settlement refers to the compensation the at-fault party provides to make the injured person whole again. This legal agreement allows both parties involved to resolve their dispute without going through a time-consuming trial process.
Whether you ultimately decide to settle your case or proceed with litigation, the experienced lawyers at Salvi, Schostok & Pritchard P.C. will be with you every step of the way. We have recovered more than $2.5 billion for our clients, including over 350 verdicts and settlements of $1 million or more. We won the highest compensatory verdict awarded to an individual plaintiff in Illinois history. Our team of 20+ knowledgeable litigators and 35+ supporting staff members can give you the attention and care you deserve.
When you choose our firm, you work with attorneys who understand the complexities of personal injury law and have the experience to maximize your compensation. While many cases settle without filing a lawsuit, we prepare every case as if it will go to trial, ensuring the strongest possible negotiating position.
What Is a Settlement in a Personal Injury Case?
When someone suffers injuries due to another’s negligence, they have the right to seek compensation for their losses. A settlement occurs when the responsible party or their insurance company agrees to pay a specific amount to the injured individual. This resolution typically happens before or during the formal litigation process, eliminating the need for a trial.
If the parties cannot reach a settlement at any point, personal injury victims can file lawsuits to demand compensation in court. In these situations, the judge or jury issues a verdict after a trial. If they find in favor of the injured party (the plaintiff), they will determine the appropriate amount to award them for their injury-related losses. Defendants are responsible for paying these damages. If the court finds in favor of the defendant, the injured party will receive nothing.
Benefits of a Settlement
Most settlements offer several advantages over taking a case to trial. First, settlements provide faster compensation to injured individuals who need immediate financial support for medical bills and lost wages. Additionally, settlements eliminate the uncertainty of a trial verdict and give injured parties more control over the outcome of their case.
A settlement agreement typically provides:
- Guaranteed compensation without the risk of an unfavorable jury verdict
- Faster resolution compared to lengthy court proceedings
- Lower legal costs and legal fees by avoiding expensive trial preparation
- Privacy, as settlement terms can remain confidential
- Reduced stress by avoiding courtroom proceedings
The exact terms of settlement agreements dictate the amount of money the injury victim will receive and in what form. For example, some settlements state the compensation should be paid in a lump-sum payment, while others are paid through annuities.
Most personal injury cases are resolved through settlements. However, working with a skilled personal injury attorney is essential to protect your rights and interests during the negotiation process. Furthermore, insurance companies are often more willing to offer a fair settlement if they know the injured party has an experienced and knowledgeable litigator on their side who isn’t afraid to take the case to trial.
How to Negotiate a Personal Injury Settlement
Successful negotiations require thorough documentation of your injuries and losses and strong supporting evidence. When the opposing party makes a settlement offer, an experienced lawyer can evaluate it and compare it with the actual value of their client’s losses to avoid settling for less than their case is worth. An effective legal team will prepare each case by:
Gathering Comprehensive Medical Documentation and Bills
Your attorney collects all medical records, bills, and treatment plans to establish the full extent of your injuries. This includes emergency room records, surgical reports, rehabilitation records, medication lists, and ongoing treatment requirements. Your legal team performs a detailed analysis of all medical costs, including:
- Hospital stays
- Surgeries
- Medications
- Rehabilitation
- Medical equipment
Your attorneys may also work with medical experts to document any future medical needs related to your injuries, such as long-term care needs, future surgeries, and ongoing therapeutic requirements.
Documenting Lost Wages and Diminished Earning Capacity
Your attorneys gather employment records, pay stubs, and tax returns to calculate your lost income. For cases involving long-term or permanent disabilities, they may work with economic experts to determine the impact on your future earning potential, including lost benefits, promotions, and career advancement opportunities.
Collecting Evidence and Assessing Liability
Your injury attorney gathers police reports, surveillance footage, photographs, witness statements, and physical evidence from the scene of the incident.
Working with Expert Witnesses
Your lawyers may collaborate with medical specialists, life-care planners, economists, and other relevant experts who can provide professional testimony about your injuries, necessary future care, and the injury’s financial impact on your life. These experts strengthen your legal claims by providing credible, independent verification of your losses.
Determining the Full Value of Intangible Losses
Your legal team carefully evaluates the impact of your injuries on your quality of life, including physical pain, emotional suffering, mental anguish, loss of enjoyment of life, and relationship changes. This assessment helps ensure you receive fair compensation for both tangible and intangible losses.
Personal injury lawyers and insurance companies may go back and forth several times before the parties agree on a fair number to resolve the claim.
Average Personal Injury Settlement Amount in Chicago
Settlement amounts in Chicago vary significantly based on factors such as injury severity, liability clarity, and available insurance coverage. While each case is unique, our firm’s track record of recovering more than $2.5 billion for our clients demonstrates our ability to secure substantial compensation for injured individuals.
Personal Injury Settlement Examples
Our firm’s commitment to maximizing client compensation is evident in our recent results, which include:
- $45 million motor vehicle collision settlement
- $27.5 million medical malpractice settlement
- $20.65 million personal injury settlement
These results showcase our ability to secure settlements for our clients, though past results do not guarantee future outcomes.
Contact Our Law Firm Today for a Free Case Review
We offer free consultations to discuss your case and your legal options. Our dedicated team will thoroughly evaluate your case, explain your rights, and develop a strategic plan to pursue maximum compensation for your injuries. Furthermore, we will only take payment after we have secured compensation on your behalf. Contact Salvi, Schostok & Pritchard P.C. today for your free consultation and learn how we can help seek the settlement you deserve.
