When you win your jury award or settlement, your check is not going to be equal to the amount of the settlement or award. Instead, there are a few costs that will be subtracted. In order to ensure you have a realistic idea of what you can expect to receive, read on. However, remember that every case is different. To get specifics about your specific case, contact Law Offices of Fernando D. Vargas at 909-982-0707 for a free legal consultation.
Start by Calculating the Damages
In order to determine how much you will actually receive from your settlement, you should estimate how much it will be. Add up your medical costs, the estimated future medical bills caused by your injury, and your lost wages. You will then need to estimate your pain and suffering damages. You can estimate this very generally by multiplying your total economic damages by anywhere from 1.5 to 5. If you had a quick recovery, then you should use 1.5. If you had a catastrophic injury that will require ongoing treatment for life, use five.
Estimate Your Costs
In almost all cases, a person’s compensation is reduced by one if not several expenses. For example, if your attorney took your case on a contingency basis, then they have been paying your legal fees. This includes the cost of hiring investigators, getting medical records, recording statements, paying photographers, and court costs. Contingency agreements assure that if your attorney does not win your case, you do not pay these fees, but if they do win your case then the costs will come of the settlement.
In addition, you will be paying your attorney for the work they have done. This will be a percentage of the overall award, which means your attorney has as much to gain as you do by negotiating the best possible settlement.
Finally, if you took out any liens or loans against the settlement, they will have to be paid back. This could be a medical lien from a doctor or hospital, or a loan you took out against your future winnings. Make sure you talk to your attorney about these costs because it is possible they can negotiate liens down to less than you might expect.
Subtract the Two Numbers
Once you have come up with an estimate on what your case is worth and have subtracted the costs, you will have an estimate of how much you are likely to receive. Note that this is a very rough estimate. The best way to get real numbers and an actual estimate based on the specifics of your case is to contact Law Offices of Fernando D. Vargas at 909-982-0707 to request a free legal consultation.
