How Long Do Settlement Negotiations Take?
In the case of these legal issues and settlements, negotiations are critical, tiresome, and time-consuming. Some are made informally, and some are dragged to the court. It all depends on the severity of the case.
But in legal cases, it is unwise to push the time longer or shorter for the deadline. Let us discuss in this article how long do settlement negotiations take in general. We will also try to show other factors related to the settlement.
How long do settlement negotiations take?
If you have faced personal losses as in mentally and physically, it is your right to claim compensation for your loss. Most victims try to fix the terms and conditions informally (out of the court) because it is time-consuming.
But if the fault party is not ready to give you your asked settlement money, going for trial is a necessity. In that case, you need to hire an attorney, run for the hearings, etc. Informally settling a personal injury case is faster, less stressful, more affordable, but risky if you handle it without the advice of a legal advisor.
There is no such unit that measures it to talk about the length of a settlement negotiation case. Every case is different and unique in their ways.
What is a settlement negotiation?
It is a process to settle the cases in case of personal injury with settlement money with the consent of both parties. When you submit your plea for the settlement, the other party will most likely try to lessen the amount.
So do not jump into the first offer they make you or react harshly. Try to process the matter in your mind. Besides, prepare your logical argument on your defense and politely present your thoughts. In this way, you can handle the matter professionally and peacefully.
Timeline of the negotiation settlement case
As you do not have to agree on the other party’s proposal, the negotiation process can take a long time. After you sent them the legal notice of your demand, they are supposed to respond with a counteroffer, which may not be of your advantage.
So, the negotiation process can end in days or can even take weeks or months. It depends on the factors related to the case, especially in personal injury cases.
- The severity of your accident
- The duration of the medical treatment you have received.
- Is there any trauma or PTSD related to your case? If yes, then do you need time to recover or therapy? If therapy is needed, the therapy bill will also be included in the settlement amount.
- For the accident, any loss of property has happened; for example, in a car accident, the car can be damaged. Then the repair money will also be included.
- Then for being sick, if your wage is getting cut, the responsibility will be on the shoulder of the fault party.
- Last but not least, the investigation needs to be completed whether there was your fault or not. Without the investigation, you are not eligible to make a claim.
So, as you can see, there are lots of issues to be considered before approving your claim. Then there is the option to go on a trial. It would consume more time, but it is less risky for big, confusing cases.
The final decision is yours
If you are the victim, then the final decision regarding settlement money is yours. There are medical bills to pay for personal injury victims. The fault party may think that will inspire you to settle earlier.
In this way, you may lose a big amount because you do not know the exact bills and the depth of your loss at an earlier stage. So, before making any decision, talk to your legal advisor. They may know places where the doctors will help you out to fix the amount or even go to trial to testimony for you.
Actions that Speed Up Your Settlement Negotiation
Sometimes the case is not that severe, and speedy negotiation is required. Then you may follow some basic rules to present your argument logically.
a. Prepare your argument
Do not just impulsively go to the meeting and wait for the other party to take advantage of it. Before coming to the fixed place, prepare a little about what you are going to talk to them with logical points included.
b. Remain calm and patient
As mentioned before, do not jump on the first offer they make, calmly listen to their side and prepare with counter speech.
If something does not go on your way, do not behave roughly with the other. It will lessen your chances of getting the claimed money. It may drag you to the court anytime.
c. Know how to control yourself
Try to make the meeting professional. Yes, it is hard for you. You may be sick; you may lose your job, or the dearest ones, or even a property meant a lot to you. But it may cause delay to patch up the things if you show arrogance or break down in tears. So, be patient and try not to delay the matter.
d. Listen to your attorney’s advice
The bills of personal injury attorneys are expensive. But without their experienced supervision, you may lose the case or cannot achieve the rightful amount.
So after the accident, the first thing you need to do besides getting a doctor helps to get you an experienced attorney from a well-reputed law firm. Because in these cases, one wrong move can need up the reason for your loss.
Conclusion: How long do settlement negotiations take
So, the bottom line is there is no honest answer on the question of how long do settlement negotiations take. The factor will depend on the nature of the case. There is also an issue with the insurance company’s response time.
To your demand letter, they will respond after investigating the case. It can take weeks. Then the negotiation can take a lot of time (maximum 6 months) because many people agree with the offer after the 4th of time of negotiation.
So, the duration can be long but make sure as a victim, and you do not lose the right amount for any ignorance. Please avoid any corrupted thoughts to ensure more money because anytime this plan may backfire.