Mark Roman | May 20, 2022 | Personal Injury
Being injured by another party can be devastating for the victim and their family. In addition to the physical and emotional damage caused by an accident, the victim can incur substantial financial losses and expenses. Recovering fair compensation for an accident claim is essential for victims trying to put their lives back together after an injury or accident.
The goal of filing a personal injury claim is to put as much money in your pocket as possible. A good personal injury attorney should work to get you the maximum compensation available for your personal injury case.
Many factors affect how much money you receive from a personal injury settlement. Factors that impact how much money goes into your pocket include:
Your Injuries Impact the Amount of Damages
One of the key factors in determining how much money you receive for an injury claim is the severity of your injuries. The type and severity of your injuries impact your economic damages and non-economic damages.
Economic damages include loss of income, medical bills, and out-of-pocket expenses. It costs more to treat catastrophic injuries, such as traumatic brain injuries and spinal cord injuries. If you require surgery and physical therapy, your bills could be even higher.
Additionally, you miss more time from work recovering from traumatic injuries, which results in additional financial losses. You also may incur costs for in-home nursing care and personal care.
It is also presumed that your non-economic or “pain and suffering” damages increase with the severity of the injury. These damages compensate you for injuries that are not readily quantifiable. Injuries that result in permanent impairments also increase the value of a claim.
Liability for the Cause of the Accident Impacts Recovery Amount
Florida’s comparative fault laws could reduce the amount you receive for your personal injury claim. You must prove the other party caused your injury to recover money for damages. However, if you were partially to blame for the cause of the accident, the law holds you partially liable for damages.
In other words, you can only recover full compensation for all damages if you had no blame for the cause of your injury. On the other hand, if you contributed to the cause of the injury, your compensation is reduced by your percentage of fault.
For example, if a jury finds you were 20% at fault for the cause of a car accident, your compensation is reduced by 20%.
Other Factors That Could Affect Your Personal Injury Settlement
The facts and circumstances of your case impact the recovery amount. Some factors that could impact the amount of money you receive for your injury claim include:
- Whether you have any pre-existing conditions or prior injuries
- The availability of insurance coverage and the policy limits
- Your statements and actions after the accident or injury
- The parties involved in the case
- Whether you have sufficient evidence proving causation and liability
An experienced personal injury attorney works to maximize the facts of your case that increase the amount of money you receive for your claim. They can assess each factor and address how it could impact the outcome of your case.
When Do I Receive Money for My Personal Injury Case?
After a settlement agreement is reached, your personal injury lawyer will prepare a settlement agreement. All parties must sign the settlement agreement before the insurance company or other party issues a check. Then, your lawyer deposits the check and disburses the funds according to your settlement agreement and retainer agreement.
Most personal injury cases are taken on a contingency fee basis. Therefore, you do not pay any attorneys’ fees until your attorney recovers money for your claim. If they do not recover money for your claim, you do not pay any attorneys’ fees for their legal services.
When you hire a personal injury attorney, you agree to a specific percentage for their fees. They deduct that percentage from the settlement proceeds.
Costs of the Case
A law firm generally pays the costs of the case as it pursues your claim and reimburses those costs from the final settlement. Examples of costs that a law firm incurs as it pursues your injury claim include, but are not limited to:
- Copy and postage costs
- Fees for obtaining medical records, police reports, and other documents
- Deposition fees
- Expert witness fees
- Delivery fees
- Travel expenses
- Court filing fees, if we file a lawsuit
Most cases settle before filing a lawsuit. The costs increase when a lawsuit is filed.
Subrogation Claims and Medical Liens
Your firm must pay your medical providers for any outstanding bills before disbursing funds to you.
Also, if your health insurance company paid any of the bills related to your accident injury, it may demand reimbursement for those amounts. Your lawyer can attempt to negotiate these liens and claims to put as much money in your pocket as possible.
Contact a Lawyer for Assistance
Each personal injury claim is unique. It is best to seek legal advice before accepting a settlement offer from the insurance company. Settlement agreements generally include waivers of further liability, which means you give up your right to file a lawsuit seeking more money after settling the claim.
Contact the Tampa Personal Injury Law Firm of Roman Austin Personal Injury Lawyers for Help Today
For more information, please contact the legal team of Roman Austin Personal Injury Lawyers for a free initial consultation with a personal injury lawyer in Tampa. We have four convenient locations in Florida: Clearwater, New Port Richey, and Tampa.
Roman Austin Personal Injury Lawyers – Clearwater Office
1811 N. Belcher Road, Suite I-1
Clearwater, FL 33765
Roman Austin Personal Injury Lawyers – Congress Ave Office
2360 Congress Avenue
Clearwater, FL 33763
Roman Austin Personal Injury Lawyers – Tampa Office
6601 Memorial Hwy Suite 202
Tampa, FL 33615
Roman Austin Personal Injury Lawyers – New Port Richey Office
2515 Seven Springs Blvd.
New Port Richey, FL, 34655