The wheels of justice can turn far too slowly after you suffer a personal injury, such as a car accident, a dog bite, or a slip and fall accident . Meanwhile, medical bills may be piling up, and you may miss work. The short answer to the question of “How long do I have to wait for my settlement funds?” is a few weeks to a few years after your injury or a few weeks after you reach a settlement. Exactly how long it will take depends on several factors.
Before Settlement
A settlement could come during any of the following steps, with the possible exception of the preliminary investigation.
Preliminary Investigation
During the preliminary investigation, you’ll need to gather:
- Your medical records;
- Evidence of lost work time;
- Interviews with witnesses;
- Photographs of the scene of the accident;
- Police report and/or accident report;
- Insurance information for all parties involved;
- Expert opinions (perhaps), such as from an accident reconstruction specialist;
- Your medical bills;
- Repair bills for damaged property (in a car accident, for example) and
- A daily ‘pain journal’ where you document your physical and emotional suffering.
Your lawyer can probably help you think of many more items to assemble. Overall, this process should take several weeks.
The Demand Letter
A demand letter is a carefully crafted demand for compensation, typically accompanied by supporting documents such as medical bills. Ask your lawyer to draft this letter for you. Typically, you send it to the insurance company responsible for paying your claim, not the defendant.
Initial Negotiations
Negotiations are likely to begin only after you send the demand letter. You can expect the opposing party’s first offer (or counteroffer) to be pathetically low. That’s just part of the game. Continue negotiating, with offer and counteroffer, until the opposing party balks. This could take weeks or months.
Lawsuit and Pretrial Discovery (If Necessary)
You might need to file a lawsuit, even while still hoping for a settlement, to get things moving again. Filing a lawsuit will get you access to the powerful pretrial discovery process. Discovery allows you to collect evidence from the other side, and it allows them to collect evidence from you.
If all goes well, you could end up with enough supporting evidence to force a favorable settlement. Discovery could take up to a year to complete, but it usually doesn’t take anywhere near that long.
Drafting and Signing the Settlement Agreement
Although both sides’ lawyers will dicker over the exact wording of the settlement agreement, you might complete it in as short a time as a few days.
After Settlement
Once both parties sign the settlement agreement, you might have two to six weeks to wait.
The larger the insurance company, the more red tape and the longer it will take to issue a check. The check will go to your lawyer’s client escrow account. They will deduct case expenses, attorney’s fees, and any other appropriate amounts (the amount of a medical lien, for instance).
Your attorney’s fees will probably amount to somewhere between 30% to 40% of the total amount of your settlement. If you win $ 10 million, your lawyer will take three to four million. If you win $10, your lawyer will take three to four dollars. This arrangement puts you both on the same side–the more money you make, the more money your lawyer makes.
The Sooner You Get Started, the Sooner You’ll Get Your Money
If you’re not sure whether you have a viable claim or if you have asserted a claim but the other side is dragging its heels, a lawyer might be what you need. An experienced Salt Lake City personal injury attorney should know just how to light a fire under the opposing party. Once that happens, negotiations will begin in earnest, and you could be on your way to a generous settlement.
Contact our Personal Injury Lawyers at McMinn Personal Injury Lawyers for Legal Help With Your Case
If you’ve been injured in a personal injury, contact your nearest McMinn Personal Injury Lawyers location to schedule a free consultation today:
McMinn Personal Injury Lawyers – Austin, TX Office
502 W 14th St, Austin, TX 78701
(512) 474-0222
McMinn Personal Injury Lawyers – Salt Lake City, UT Office
650 S 500, Suite 290, Salt Lake City, UT 84104
(512) 474-0222
