How Are Personal Injury Settlements Paid Out in Accident Cases in Providence, RI?

Have you or a loved one been injured due to someone else’s negligence? The path to recovery can be long, emotionally draining, and costly – not just physically but financially, too. Medical bills start piling up, you miss work and lose wages, and the pain lingers on. It’s an extremely stressful situation that no one should have to face alone.

At times like these, you need a strong advocate fighting to ensure you receive fair and full compensation for your injuries. That’s where we come in. As experienced Rhode Island personal injury lawyers, securing just settlements for our clients is our top priority. But how exactly do these settlements get paid out? Let’s break it down.

The Settlement Process Step-by-Step

When negligence leads to injury, the goal is to hold the at-fault party or their insurer accountable through a personal injury claim and settlement.

While every case is unique, the typical process looks like this:

1. You sign a release agreeing to settlement terms: After we’ve calculated and negotiated for maximum compensation, you’ll review and sign a release form. This legally binding document outlines the terms, prevents any future legal action once accepted, and allows the settlement process to proceed.
2. Settlement funds are issued to our firm’s trust account: The defendant’s insurance company cuts a settlement check made out to you and our firm. These funds are initially deposited into our secure trust account for disbursement.
3. We negotiate and pay off any outstanding liens: From your settlement, we’ll negotiate to pay any liens or outstanding debts owed to medical providers, insurance companies, or other third parties who covered costs related to your injuries and treatment.
4. Legal fees and expenses are deducted: Next, we’ll deduct our contingency fees and any other case-related expenses we incurred while fighting for your rightful compensation.
5. You receive the remaining settlement amount: After liens and fees are covered, we’ll issue you the remaining balance. This is your net settlement award to compensate for damages like lost wages, medical costs, pain/suffering, and more.

In most personal injury cases, you’ll have the option for either a lump sum payment of the full amount or a structured settlement with periodic payments. We’ll advise on which option best protects your long-term interests.

Calculating Your Full Settlement Value

Of course, the crucial first step is calculating a fair settlement figure that accounts for all your damages, recoverable costs, and projected future needs. Two common methods are:

The Multiplier Method

Economic damages (e.g., medical bills, lost income) are multiplied by a factor between 1.5-5 based on the severity of your injuries. This product is added to your economic damages to estimate non-economic damages like pain/suffering.

The Per Diem Method

Your projected daily earnings or wages are multiplied by the number of days your injury prevented you from working. This daily rate is added to your economic damages.

While these formulas help frame a fair target figure, the reality is your settlement amount mainly depends on two factors:

1. The extent and persistence of your injuries and damages
2. The strength of the evidence and legal representation supporting your claim

That’s why having an experienced personal injury lawyer on your side is invaluable. We know how to build a bulletproof case, accurately calculate your total damages, and tenaciously negotiate the maximum compensation you deserve.

How Long Does It Take to Receive a Settlement?

One of the most common questions we get is, “How long until I actually get my settlement money?” Unfortunately, there’s no one-size-fits-all answer, as every case has unique complexities that impact the timeline.

That said, most follow a general process:

1. Hiring an Attorney (1-4 weeks): The first step is scheduling an initial consultation so we can evaluate your case, go over options, and officially hire our firm.
2. Building Your Case (1-6 months): We’ll investigate thoroughly, gather evidence like medical records and bills, and put together a demand package to calculate and substantiate your damages.
3. Settlement Negotiations (2 weeks – 1 year): We’ll enter into negotiations with the insurance company, which can become a drawn-out back-and-forth. A settlement could be reached in weeks for straightforward cases or drag on for months for more complex ones.
4. Finalizing the Settlement (4-8 weeks): Once agreed upon, we’ll complete the final paperwork, like the release form and accounting for outstanding liens, to pay before issuing your net settlement amount.

On average, most of our clients see their settlements finalized within 6-12 months from first hiring us. However, cases that end up going to trial can take well over a year or even multiple years.

Why An Experienced Personal Injury Lawyer Matters

The personal injury claims process alone is an uphill battle stacked against you by the insurance companies. Their goal is to minimize payouts, even if that means taking advantage of your unfamiliarity with the settlement process.

Rather than risking an insufficient settlement that leaves you paying out-of-pocket for future medical costs or lost income, let the team at Louis W. Grande Injury Lawyers fight for every dollar you’re owed.

Our veteran personal injury attorneys understand all the nuances around how settlements get structured, qualified, and paid out. We’ll value your claim, including often-overlooked non-economic damages like pain and suffering. From there, we pursue the insurance company through tough negotiations or litigation if needed.

When you’ve suffered injuries due to someone else’s negligence, getting back on your feet shouldn’t be another obstacle. Secure the strongest legal representation possible by contacting Louis W. Grande Injury Lawyers today.