Arriving at a Settlement Value
When it comes to a settlement, the amount of money you walk away with is very important. An attorney can ultimately provide you with a value of your case after reviewing all of the factors involved.
After discussing a settlement’s potential range with you, your attorney will present it to the insurance company. Whether to take a settlement is up to the client, but keep in mind that the person you hired to represent you has the experience to evaluate your claim.
In almost all instances, the amount your lawyer demands in the initial letter to the insurance company will be significantly higher than the real range of settlement. This is a very typical strategy in these types of cases. It is a good negotiating tactic to come up with an amount which gives both parties room for negotiation.
Is a Bigger Settlement Request Better?
Some clients believe their attorneys should initially ask for the largest settlement amount possible, since the insurance company is probably going to come back with a much lower amount anyway. A Rochester, MN injury lawyer can explain why that type of negotiating doesn’t work. In fact, if your attorney gives the insurance company an outrageous number, it may not respond at all. Remember, your lawyer knows the law and will know best how to approach the situation.