Settlement planners can assist personal injury attorneys with reaching the right settlement offer or providing long-term asset management services for both the plaintiff and their attorney. For example, for clients that require special needs, a settlement planner will know how to establish a pooled trust that makes certain that the client’s funds are protected while also ensuring that their eligibility for public benefits remains intact. For attorneys, there are many tax saving strategies a settlement planner can deploy after reaching a fair settlement.
In this two-part article, the settlement experts at Synergy Settlement Services are focusing on maximizing the value of a settlement offer. In the first part, we focused on the pre-settlement phase. In this section, we will focus on negotiation techniques a settlement planner can utilize during the settlement process.
Waiting for the Right Offer
Many attorneys aren’t familiar with the negotiation portion of the settlement process until they are involved in their first. This means they learn how to negotiate through trial and error. One consistent mistake attorneys make during this portion of a case is that they are often too eager to settle the case in fear of missing out “on a great deal.”
An experienced settlement planner can determine the difference between a good and bad offer because they specialize in settlement negotiations and have seen a wide range of offers over their specialized career. Moreover, they can explain to the attorney why the offer is a bad one and what needs to be done to improve the offer. It’s valuable to consult with an experienced settlement planner that can not only assess the settlement offer and determine whether or not it’s fair, but also is highly experienced in negotiating settlements and will know how to maximize a settlement even if the original offer was subpar.
Unfortunately, many plaintiffs will never fully recover from their injuries. Without a settlement planner working on the case, the plaintiff’s attorney is tasked with determining exactly how much the plaintiff should receive in medical expenses to provide for their recovery. Determining the future recovery amount can be a burdensome task for an attorney with no experience in this field. However, a settlement planner will know how to calculate the appropriate amount in future damages that the plaintiff will require. The settlement planner will also know how to properly negotiate a settlement for this amount and explain why this total is acceptable.
Settlement planners can assist personal injury attorneys in the pretrial phase, during settlement negotiations, and during the asset management phase after a settlement has been reached.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.