James D. Payer | April 12, 2024 | Personal Injury
If you’re thinking about pursuing a personal injury claim, one of your first questions will undoubtedly be, “How much money will I get from my personal injury settlement?” This is an important question, and the answer depends on many different factors.
To better understand how much you may receive if your personal injury case is successful, let’s look at the factors that influence the value of your claim and how settlement awards are paid out.
What Factors Determine the Value of My Case?
To better understand how much money you will receive in a settlement, it’s important to understand the factors that influence the total value of your personal injury case.
The Extent of Your Injuries and Losses
The severity of your physical injuries and the expected long-term impacts of those injuries will determine the amount of medical bills and other damages in your case. For example, injuries with lasting impacts may result in additional damages for pain and suffering, loss of quality of life, or loss of consortium.
The extent of your other losses will also influence the value of your case. For example, if you were unable to work after an accident, you could receive compensation for lost wages. Similarly, if you were in a car accident, you could recover compensation for the loss of value to your vehicle.
Whether You Are Partly Responsible for the Accident
Florida has a modified comparative negligence law, which states that an injured party can still recover compensation if they were no more than 50% at fault in an accident. If you are found to be 51% or more at fault, you won’t be able to recover compensation for your injuries. If you are less than 51% at fault, your compensation will be reduced proportionally to your degree of responsibility.
For example, if you incurred $20,000 in damages and were 10% at fault, you could still receive $18,000 in damages.
How Are Personal Injury Settlements Paid Out?
After your case settles, certain costs will be paid before you receive your portion of the settlement.
Attorney’s Fees
When you hire your attorney, they will likely explain that they work for a contingency fee, as most personal injury lawyers do. This means they only get paid at the end of the case if you successfully recover compensation.
The fee is usually a percentage of your ultimate financial award—between 33% and 40% is typical. Attorney’s fees will be the first thing deducted from your settlement amount.
Administrative Costs
There are other case costs, such as court filing fees, copying fees, and other administrative costs you may be responsible for. However, check with your lawyer, as contingency fee agreements can vary on these expenses.
Medical Liens or Costs
Medical providers may place medical liens against the settlement or judgment for the care you received since the accident occurred. These will need to be paid out of the settlement (or judgment) amount, too. A knowledgeable personal injury lawyer will try to negotiate to lower these liens, when possible, to maximize your settlement amount.
After these costs are deducted from the settlement amount, the remainder will be paid out to you.
Contact an Experienced Orlando Personal Injury Lawyer To Discuss Your Case
If you were injured in an accident recently in Orlando, FL, you may be wondering what your case is worth and how much of a potential settlement amount you would receive. Our experienced personal injury lawyers will fight for you to receive full compensation for your injuries and will thoroughly explain how your settlement will be paid out.
For more information, please contact the Orlando personal injury law firm of Payer Personal Injury Lawyers to schedule a free consultation today.
Payer Personal Injury Lawyers
6735 Conroy Rd STE 332
Orlando, FL 32835
(407) 871-6218