Personal injury settlements allow victims to be compensated for injuries caused by the negligence of another party. The legal process for seeking and receiving compensation is lengthy and complex, which is why it is imperative to hire a personal injury attorney who will walk you through every step.
Personal injury settlements include compensation for medical bills, vehicle repair costs, lost wages, and pain and suffering. The amount of damages awarded is determined by the victim’s financial, emotional, and physical losses as a result of the injury or accident.
However, after reaching a settlement agreement in court or through negotiation, a portion of the award will be used to pay lawyers and other legal fees.
Personal Injury Settlement Amount
The settlement amount is determined by a number of factors. Since each case is different, the compensation amount varies depending on factors such as;
The Extent Of The Injury
The severity of the injuries has a significant impact on the settlement amount. For example, an extensive injury that calls for lengthy and costly medical procedures as well as a lengthy recovery period will cost more than a minor injury, which makes for a strong argument for maximum compensation.
Severe and serious injuries sometimes result in high medical bills and wage loss during the treatment and recovery periods, and these financial losses are factored into the total damages. These injuries also result in more pain, suffering, and trauma, which should be compensated for and factored into the value of your claim.
Shared Fault
The at-fault party in a personal injury case is required to fully compensate the victim for their injury. If the victim is partially responsible for the accident or their injury, they will be held accountable, and their settlement will reflect that.
Different approaches and laws govern shared or comparative fault in personal injury cases in the United States. In the case of shared fault, the settlement amount is determined by comparative negligence or pure comparative fault in Queens, New York. This model involves the use of a third party, such as a judge or jury, to hear the case and determine the proportional liability. If it is determined that the injured party was partially to blame for their injury, their compensation will be reduced in proportion to their level of fault.
Financial losses
The settlement amount includes the total amount of the injured victim’s financial losses. These losses include not only medical expenses but also other damages such as pain and suffering, vehicle repair costs, and lost income.
Insurance Coverage
Insurance coverage for both the at-fault party and the injured person is critical in determining the claim’s value. An uninsured at-fault party may not have the financial means to compensate an injured person and will be unable to pay for damages. However, insured individuals can pay the compensation amount through their own insurance company.
Contingency Fee
Attorney’s fees can be expensive, particularly for injured individuals undergoing treatment. Most personal injury lawyers work on a contingency fee basis, meaning they provide legal aid and negotiate on their client’s behalf before deducting their fee from the settlement. Therefore, as an injured individual, you will only pay the attorney after you recover compensation.
Before the legal process begins, the personal injury attorney and the client discuss the attorney fee that will be deducted from the settlement. A written agreement, known as a retainer, on the attorney’s share of the settlement and other legal costs must be signed by both the lawyer and the client.
How Personal Injury Settlements are Distributed in Queens, NY
Following the award of a settlement in a personal injury case, certain deductions must be made to cover legal fees and other expenses. These deductions, which include the following, reduce the settlement amount.
Legal costs.
When investigating an injury claim or accident, as well as during the lawsuit and negotiations, various costs are incurred. While personal injury lawyers cover these costs, they are deducted from the settlement after the injured person has been compensated. The attorney and the client first discuss and agree on the amount to be deducted.
Medical retrieval fees, recording depositions, expert witness fees, and other expenses such as postage, mailing and court filing fees are all part of the legal costs. Ensure that your personal injury lawyer provides a list of all the costs associated with the case.
Attorney Fees
Personal injury law in Queens, New York, requires that an attorney receive a reasonable fee from a settlement. In many personal injury cases, an attorney will receive 33.33% of every settlement.
Medical Expenses
Health insurance companies and other medical providers deduct medical liens and expenses from the settlement as well. Health insurance companies cover the injured person’s medical expenses. When the victim receives the settlement, the insurance company deducts a portion of the amount as reimbursement for medical care.
Your Queens personal injury lawyer can hold negotiations with the health insurance company on your behalf to help reduce these medical lies and ensure that you receive a fair compensation.
Why Choose Elliot Ifraimoff & Associates in Queens, NY?
If you are looking for an experienced personal injury attorney in Queens, NY, look no further than Elliot Ifraimoff & Associates, PC. We are a personal injury law firm in Queens, NY, providing great legal services for accident victims. We have a team of highly qualified and skilled personal injury attorneys with a combined experience of over 60 years who will fight to get you maximum compensation.
At Elliot Ifraimoff & Associates, PC, we offer a free consultation to our clients and aggressive legal representation for various personal injury cases, from construction and auto accidents to slip and falls and work-related injuries. Contact us today to schedule an appointment with one of our efficient Queens personal injury attorneys.
