How to Value a Personal Injury Case
As a personal injury trial attorney, I’m always asked, ‘What is my case worth?’ and I answer by demonstrating how to value a personal injury case. When you’ve been involved (and injured) in any type of accident, there are several things to be considered and the process is often lengthy and complex. If there’s a death resulting from the accident, referred to as wrongful death, the stakes may be higher.
Two things must be present to pursue a lawsuit:
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Liability (determining the at-fault party)
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Damages (the ability to derive monetary compensation from the at-fault party and/or an insurance company)
Seven Factors to Value a Personal Injury Case
There are up to seven factors that a Personal Injury Attorney will evaluate in a personal injury case. Ultimately, a dollar figure is assigned to all that apply and considered part of total damages. These variables are often the source of discussion and negotiation between the attorney representing you and the insurance company of the ‘at-fault’ party, or possibly your insurance company (even if you didn’t cause the accident).
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Medical Expenses: Medical expenses from date of injury to present.
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Future Medical Expenses: Future treatment needs (how long and how many).
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Lost Wages: Lost time from work.
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Loss of Earnings Capacity: Can’t return to work, loss of income through working lifetime.
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Physical Pain: Any physical pain resulting from the injury in the accident.
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Mental Suffering: Emotional suffering as a result of the injury in the accident.
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Permanency of Injury: End-result of your injury/condition throughout your life indicated by an impairment % affecting your regular Activities of Daily Life (ADL).
The seriousness of the accident impacts the time it takes to recover and the extent to which recovery is defined. It not only affects the person injured but the family or caregivers of the injured party. This can be devastating financially, physically and emotionally. It’s always best to contact an experienced attorney when an accident occurs, and injury has been sustained to review the unique circumstances and determine whether or not a case may materialize.
