Basic Personal Injury Settlement Breakdown: How Much Goes in My Pocket?
You may consider filing a personal injury claim if you have been injured in an accident. One of your primary concerns is likely to be how much of a potential settlement will end up in your pocket. Understanding the factors that influence settlement amounts and potential deductions is important. An experienced Torrance personal injury lawyer can help you maximize how much of a potential settlement you take home.
Factors Influencing Settlement
Several factors play a significant role in determining the amount you might receive in a personal injury settlement. It is important to remember settlement value varies in every case. However, there are some common elements that may influence the final amount.
Severity of Injuries
The severity of your injuries is a critical factor in determining your settlement amount. More severe injuries typically result in higher medical expenses, longer periods of missed work, and greater impacts on your ability to enjoy life. Settlements consider current and future medical costs, including surgeries and ongoing care. Severe injuries may also warrant compensation for pain and suffering, which can substantially increase the settlement amount.
Value of Damages
Damages in a personal injury case encompass more than just medical bills. They include economic damages, such as lost wages and property damage, as well as non-economic damages, like pain and suffering, emotional distress, and loss of enjoyment of life. Your damages will correlate with the value of a potential settlement, so calculating them accurately is essential. You should know the value of your damages so you know how much to ask for in a personal injury settlement.
Comparative Fault
You may be partly responsible for your accident and injuries. In these cases, California follows what is known as a comparative fault rule. This rule requires your potential compensation to be reduced by your percentage of fault. For example, if you were found to be 20 percent at fault for a car accident in Torrance, your settlement amount will likely be reduced by 20 percent.
The impact of comparative fault can reduce the value of many settlements. It also highlights the importance of working with a Torrance personal injury lawyer to demonstrate the other party’s liability and mitigate claims of comparative fault to maximize your potential settlement.
Other Costs Taken from Personal Injury Settlements
Your settlement offer may seem substantial. However, it is important to understand that other costs may be deducted before you receive your final payout.
These costs can include:
- Medical liens: Health insurance companies and medical providers can put a medical lien on your settlement to reimburse services or collect compensation for unpaid treatment.
- Court costs: Costs for filing fees, depositions, and other court-related expenses.
- Expert witness fees: These are fees for medical professionals, accident reconstructionists, and other experts who may provide testimony to support your case.
- Administrative fees: Costs associated with obtaining medical records, police reports, and other necessary documentation.
Our Torrance personal injury lawyer can evaluate your case to determine all potential costs that may be deducted from your settlement.
What Percentage Does a Lawyer Get In a Settlement Case?
Personal injury lawyers typically work on a contingency fee basis, meaning they only get paid if you win your case. But how much do lawyers take from a settlement? The standard contingency fee is usually between 33 and 40 percent of the settlement amount. By hiring a legal team on a contingency fee, you can avoid paying hourly or upfront fees for representation after an accident and injury.
A Torrance Personal Injury Lawyer Can Help With Your Settlement
Understanding the breakdown of a personal injury settlement is important for anyone pursuing compensation after an injury. Most personal injury claims settle out of court, but the severity of your injuries, the value of your damages, and other factors will determine the specific amount that goes into your pocket. Schedule a free consultation with a personal injury lawyer to learn about the potential value of your case and fight for the compensation you deserve.
Contact the Personal Injury Lawyers at The Simon Law Group Today
For more information, please contact an experienced Torrance personal injury lawyer at The Simon Law Group to schedule a free initial consultation today. We have three convenient locations in California, including Torrance, Hermosa Beach, and Santa Ana, CA. We also have offices in Phoenix, AZ, and Austin, TX.
We proudly serve Los Angeles County and Orange County, CA, and its surrounding areas:
The Simon Law Group – Torrance, CA Office
2916 W 164th St Second Floor, Torrance, CA 90504
(424) 622-0812
The Simon Law Group – Hermosa Beach, CA Office
34 Hermosa Ave, Hermosa Beach, CA 90254
(424) 722-3209
The Simon Law Group – Santa Ana, CA Office
1327 N Broadway, Santa Ana, CA 92706
(714) 581-8546
