One of the most difficult and important tasks is knowing when it’s the right time to settle. My clients rely heavily on me and my experience to know when to agree to a settlement. At the end of the day, it is up to the client to make the call on whether a settlement is the best option. I merely advise them as to the value of the offer and evaluate the offer to determine if it’s acceptable or not.
There are several reasons why a client may not want to agree to a settlement. One reason is they view settlement as “losing” the case or “giving up”. I cannot tell you how many times clients have told me they won’t settle and they want to go all the way to court. In the United States, less than 1% of cases end up in court. This is because in reality settling isn’t a negative at all. There are great settlements and situations that occur where the client may get nothing if it goes to trial. However, settling your claim when a reasonable offer has been presented is in no way “losing” or “giving up”
One issue that I have to inform the client about is a cost/benefit analysis. Does it make sense to move forward with this claim? Sometimes when you’re given an offer in pre-litigation that’s close to policy limits you have to determine if it makes financial sense to move forward and file suit. If your firm is charging on a contingency fee and that fee increases if a suit is filed, then the client may actually receive LESS if you do not accept the settlement offer. This is just one example of why it is important to have an attorney guiding you through the process.
In the end, of course, it is up to my clients to decide if this settlement is worth all the pain and suffering they’ve endured from the car wreck that was not their fault. I always want my client’s to sleep on any offer that the other side makes before deciding whether or not to accept. You have to be absolutely certain that you are happy with the offer because once you accept, there is no going back.
If you or a loved one was involved in an automobile accident that was not your fault, please don’t hesitate to call Herrman & Herrman, P.L.L.C. at 361-882-4357. You can also email me at sstratso@herrmanandherrman.com.
