posted in Las Vegas Personal Injury Attorneys on February 05, 2023
After suffering an injury due to another party’s negligence, the best outcome is a fair settlement compensating them for their medical expenses, property damage, lost income and pain and suffering. Getting to a successful settlement can be a lengthy process, even with the help of an expert legal team. The injured party and their legal counsel must work together to build a case proving the other party was negligent, as well as accounting for all of the financial and non-economic damages (pain and suffering) the injury victim is entitled to. When all the necessary steps are taken and a settlement is reached, how long does it take to get the settlement check?
What Exactly is a Legal Settlement?
A settlement is a legal agreement between two parties made outside of a court trial where a judge and/or jury determines the amount of damages awarded. In a personal injury settlement, the plaintiff will make a claim for damages they incurred as a result of their injury that they are entitled to under Nevada law. Rather than argue the case in a lawsuit, the defendant will make an offer to “settle” the claim – commonly an insurance company whose legal team will consult with the plaintiff’s lawyer. The defendant will agree to pay all of the plaintiff’s claims, or some of them after negotiations between the legal teams.
A legal settlement – also known as “settling out of court” – has a number of advantages. Settling out of court is far less costly than litigating the case in court, saving both parties court costs and legal fees. A settlement can be resolved much faster than a lawsuit, and is much less stressful for the plaintiff while they focus on recovering from their injuries. A lawyer in a personal injury claim is also likely to work on contingency, meaning their fee is paid as a portion of the settlement amount – unlike a lawsuit, which can involve retainers, regular fees and may not be decided in the plaintiff’s favor.
What Will Affect When a Personal Injury Settlement Case is Resolved?
Personal injury settlements can take far less time than a trial, but it doesn’t mean a resolution can be reached immediately. These variables in a settlement case will affect how quickly a case can be resolved and the plaintiff is paid:
B was going 20 miles over the speed limit. In the settlement, Driver B is deemed to be 40% negligent, and their settlement payment is reduced accordingly.
What is the Process for Receiving a Personal Injury Settlement Check in Las Vegas?
Arriving at a settlement agreement is a big relief for a personal injury victim, but there are several stages to the process of receiving the funds.
First, the plaintiff must release the defendant’s insurance company from future lawsuits or other legal action over the injury. By signing a legal release document, the insurance company can move forward with the payment of claims. When the release has been processed, a check can be issued and sent to the plaintiff’s attorney.
Next the check will be deposited into the lawyer’s escrow account, and when it is cleared by the bank, the attorney will have access to the funds. However, the lawyer will have discussed with their client about the amount of funds the plaintiff will actually receive. Funds that may be deducted from the total include:
Finally, the remaining settlement funds will be deposited into the plaintiff’s bank account.
If you have been injured due to another party’s negligence, contact our team or call 702-680-1111 for a free consultation.