How Much is My Case Worth? Is My Personal Injury Case Worth Three Times My Medical Bills?
The articles in these guides are devoted to shedding light on the multitude of factors that go into determining fair value for a Maryland personal injury case. The number of articles should give you some indication that there is no "formula" to determine the value of a claim, and that a primary function of a personal injury lawyer is to assess an analyze multiple factors in order to determine a fair value.
You can find websites that allow you to input the amount of your medical bills, and it will spit back out 3 times that amount as the "value" of the case. The task is not so simple.
Many former insurance adjusters will talk about the use of multipliers. Personal injury and accident lawyers have heard these former adjusters say that, perhaps in a bygone era, in their time adjusting claims, they would determine the amount of the medical expenses, and multiply that amount by a variable of 1.5. to 5, then add in lost wages, to arrive at a dollar figure for settlement discussions. In this story, we are told that the 1.5 to 5 scale varies based on the severity of accident and injury. The reality is, today, most major insurance companies have chosen to use computer software to project a value range of most claims. Those companies will tell you they really have no or limited discretion to adjust the number generated by the software. That's one approach, and the literature suggests the insurance industry has been very satisfied with that approach. The fact that the major player in the insurance industry continues to use such software says all I need need to know about their level of collective satisfaction. In my view
The bottom line is that there is simply no formula to determine the fair value of a case.
Other, personal, intangible factors can influence these calculations, whether made by a human being or a computer. A skilled personal injury and accident lawyer should make the additional, distinctive, but important, considerations well known to the adjuster as part of the negotiation process. An effective attorney will put these personal considerations firmly in front of the jury deciding the case, to be weighed along with the hard numbers and objective, tangible evidence.
This Artice was updated by Eric Kirk on 10/9/19.
I've argued hundreds of injury cases over the years. I'd be happy to speak to you about yours. Contact me.