While working with a seasoned personal injury attorney can reduce the probability of errors, most personal injury attorneys make common financial mistakes. Here are the most notable and what you can do about them!
Seeking Quick Settlements
Insurance companies and other parties at fault in personal injury cases are usually in a hurry to settle. However, it may be better to delay settlements in many cases because initial settlement offers are often lower than what a victim deserves. Since most personal injury attorneys must win a case or have a settlement in place before they get paid, it’s easy to see why this mistake is common.
Lawyers who seek quick settlements without fully investigating a case and understanding their client’s injuries and long-term impact shouldn’t be trusted. While seasoned personal injury attorneys can have a settlement range in mind based on their experience, accepting an insurer’s first offer is generally a mistake.
Failing To Calculate Claim Value Objectively
Failing to calculate claim value objectively is another common financial mistake attorneys make. Personal injury attorneys shouldn’t rely purely on experience or past settlements to calculate an ideal settlement amount. The method they use should be objective, and the attorney should consider the unique facts of every personal injury case. Seasoned lawyers go as far as utilizing software to guarantee objectiveness. After making multiple considerations, they offer clients a reasonable settlement range.
Failing To Manage the Client’s Financial Expectations
Every personal injury victim has some expectations about their settlement. They might base these expectations on the impact of their injury, past settlements, future earning capacity, family obligations, or advice from family and friends. It’s up to a personal injury attorney to guide their client to an ideal settlement amount based on facts.
Overlooking Post-settlement Funding for Attorneys
Personal injury attorneys who work on a contingency basis often overlook post-settlement funding. Such lawyers do everything for their clients for free until they win the case. However, one must consider ongoing and upfront expenses. For instance, attorneys must usually hire experts during the investigative phase.
Gathering facts also incurs operating expenses. Personal injury attorneys need funds to last them up until they win the case and receive the settlement. That’s where post-settlement funding comes in. Since it takes time to win a case and get a portion of the settlement, seeking post-settlement funding for attorneys makes sense.
Luckily, such funding is available with companies like Apogee Capital Partners, whose goal is to offer financial support to attorneys working on uninsured or underinsured personal injury cases.