Why Naples Injury Lawyers Conduct Case Valuation at the Outset
Knowing your worth is important in life. As it turns out, it’s important in personal injury cases too. Accurately estimating the monetary value of a personal injury case is one of the first orders of business for newly-hired Naples injury lawyers. It’s not that we see clients as dollar signs or that high-value cases are the only ones worth pursuing. (Far from it, actually). Rather, an accurate case valuation is what allows us to both formulate effective legal strategies and set realistic expectations.
One of the first steps Naples injury lawyers take when filing a claim for damages is to send a demand letter. In that letter, we’ll outline the dispute and then explicitly request a specific action the other party can take to resolve the issue. That request usually includes payment of a specific dollar figure as compensation for certain losses. By the time we send that letter, we’ve got to know what fair compensation looks like for our client – and be ready to make a strong case to justify why we’re asking for that amount.
Beyond that, having a well-supported estimate of the case value is vital for:
- Informed decision-making. It allows us to make educated choices about settlement offers versus proceeding to trial. This is important because if we reject a reasonable settlement offer from the defendant, it could have big consequences. Even if we win, our client might have to pay the other side’s attorney’s fees if the final dollar amount awarded is within a certain range of a previously rejected settlement offer.
- Strategic planning. Naples injury lawyers can develop tailored legal strategies that align with the case’s potential value. The estimated value of certain damages can play a role in whether we agree to certain compromises or insist on holding the line.
- Expectation management. Accurate financial valuations help clients know what to expect. We can never guarantee a specific outcome when we accept a case. But we can often give clients a fairly good idea of what’s likely to happen. We never want to disappoint, and clients have a right to know what results are realistic. A meticulous case valuation allows us to give a clearer outline of our goals and what’s within the reasonable range of possibilities.
Types of Damages in Naples Personal Injury Cases
To accurately estimate the value of a Collier County personal injury case, we have to start by knowing what types of damages a plaintiff can legally pursue. Florida law recognizes several categories of recoverable damages in personal injury cases. These include:
- Economic damages. These are tangible, quantifiable losses the victim incurred as a result of the injury. Examples include medical expenses (past and future), lost wages, loss of earning capacity, property damage, etc.
- Non-economic damages. These are the subjective, non-tangible losses that don’t have an exact price tag, but for which courts will work to affix a monetary value. These include things like pain and suffering, emotional distress, loss of life enjoyment, and loss of companionship.
- Punitive damages. Punitive damages are intended to punish a defendant for particularly egregious actions or gross negligence. They are also used to send a strong message that would deter others from engaging in similar misconduct. Per F.S. 768.72, Naples injury lawyers must indicate at the very beginning of a case whether they intend to ask for punitive damages. It’s up to the court to allow this request, which is typically only granted in cases of clear intentional misconduct and/or gross negligence. Punitive damages aren’t typically awarded in personal injury cases. However, because they can result in a damage award that is three times the amount of compensatory damages or up to $500,000 (whichever is higher), they can significantly impact case value.