Myth #1 About Case Value

MYTH #1 ABOUT CASE VALUE

Many defendants are unwilling to pay a fair value for claims without the full weight of evidence and testimony supporting a plaintiff’s case. As a result, far too many claims fail to be resolved in settlement or mediation when it would be in the best interests of all parties to reach a fair compromise.

Lawyer discussing case value

It often becomes defendant’s insurance carrier that dictates the value of a case for settlement purposes, and then the adjuster comes to the mediation to tell you how much the defendant’s insurance company is willing to pay to resolve the claim.

What if it didn’t have to be this way? With some cases, it may make more sense to approach things differently.

In a two-part series, we’ll present two common challenges that plaintiff attorneys face during mediation and offer a potential solution for maximizing your recovery.

 

MYTH #1 – FORMULAS CORRECTLY DICTATE CASE VALUE

Sometimes the value has been reached by applying some formula – like multiplying the plaintiff’s medical expenses by three and then adding in his or her lost income. Sometimes a computer program has determined the “value” of the case. Neither of these formulas can calculate the true value of a case.

 

Formulas for finding case value

The truth is there are not all cases are the same. Each case has its own unique strengths and weaknesses. Just as you would present the unique qualities of your case to a jury, the same qualities should be communicated to the defense attorney, the adjuster and the claims committee. Your client IS unique, and this must be emphasized or you risk having your case treated as “just another claim”.

A settlement documentary can be a useful tool in enhancing the value of your client’s case in the eyes of defense counsel and the defendant’s insurance carrier. It can communicate the unique qualities of your client and her case in a way that the written records, medical bills and even photographs cannot. It has the power to turn the facts of your case into a powerful and persuasive story. This often leads to a quicker and more favorable settlement. That’s one formula that may work in your favor.

 

Next week: Myth 2 – The Defense Attorney Will Fairly Present Your Case To The Claims Committee

Do you have a client whose story needs to be told? Since 1994, Image Resources, Inc. has produced thousands of settlement documentaries for some of the best attorneys in the country. Check out this short video here to learn more. Call or email us to discuss your case today!

 

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