Personal injury cases in New York can often be overwhelming for victims. It is often a tedious and time-consuming process, especially when going to trial. However, settlement can provide a more efficient and cost-effective means of resolving the case. While settling is seen as an attractive option for most individuals, it’s important to consider both the advantages and disadvantages before making a final decision.
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Pros of Settling a Personal Injury Case in New York
1. Reduced Financial Risk
Personal injury lawsuits often incur great expenses such as attorneys’ fees, court fees, medical bills, and more. When you settle a personal injury lawsuit, you will have a guaranteed amount which reduces the risk of losing the case outright and losing out on everything. By settling, you receive compensation without the risk associated with a trial.
2. Faster Settlement
The settlement process can be much quicker than going through a trial. Trials are often prolonged and can take months, if not years to resolve. With settlement, negotiations can be conducted with the insurance company and you can receive compensation within a shorter time frame.
3. Certainty of Outcome
Trials are uncertain, even if lawyers are confident about their chances of winning the case. A settlement ensures a definite outcome without going through a trial.
4. Privacy
Trials in personal injury cases are often public. If you prefer to keep the details of your case out of the public eye, settling privately is a better option as it avoids the public nature of a trial.
Cons of Settling a Personal Injury Case in New York
1. Reduced Compensation
The primary disadvantage of settling instead of going for a trial is that you may receive a lower compensation than what you would have gotten if the case went to trial. Insurance companies want to pay the least amount possible. Therefore, by settling, you are giving up some of your right to compensation.
2. No Changes or Appeals
Once you agree to a settlement, you are bound to its terms and there is no right to modify or appeal the outcome. It becomes a binding agreement on all parties involved. If you have any reservations about the settlement agreement, it is essential to speak with an attorney before you sign as you will have no legal recourse once you have signed.
3. Loss of Control
When a case reaches the point of settlement, you lose control of the situation and instead, depend on your attorney to negotiate on your behalf. There may be certain terms that you don’t agree with, but you have to go along with them if your lawyer suggests it. In court, you have more control over the outcome.
4. Lack of Accountability
In certain cases, settling can lead to the person who caused the accident to not take full accountability for their actions. A trial can establish fault and responsibility. In a settlement, culpability is not analyzed or discussed.
Conclusion
Choosing whether or not to settle in a New York personal injury case is a personal decision that you should make after carefully considering the benefits and risks. It’s important to weigh the pros and cons of deciding to settle a personal injury case before settling for an amount that may prevent you from recovering what you thought you deserved. Additionally, it’s important to consult with an attorney who has experience in the field so that they can give you helpful and knowledgeable advice on your specific case.