Is There A Formula For Determining A Medical Malpractice Settlement?
The most common question medical malpractice lawyers in Maryland revolve around is whether there is a settlement formula for lawsuits. Victims want to know how to determine how much they will be awarded in damages for their injuries. Sadly, while there are a few general guidelines for determining a settlement in medical malpractice lawsuits, there is no set formula. Generally speaking, victims of medical malpractice who pursue litigation have two options – settlement or trial. In some cases, litigation is the only option. Too many victims try to navigate this legal terrain on their own and end up with no settlement or a settlement that barely covers their costs. To ensure you are getting proper compensation in a medical malpractice lawsuit, contact an experienced lawyer. The legal team at SFSPA Law has years of experience successfully litigating for medical malpractice victims and securing just compensation. Call us today for professional assistance. In the meantime, we have provided a brief overview of the factors that go into determining a medical malpractice lawsuit.
Factors In Medical Malpractice Settlement Determination
- Average Verdict Expectancy If Doctor/Hospital Is Found Liable: To determine this, medical malpractice lawyers will look at a number of factors. These include similar cases in the same jurisdiction, how well the doctor or hospital is expected to present in court, and the value of the previous malpractice cases in the area.
- The Chances of Winning The Case: Generally speaking, unless the plaintiff simply admits liability, this is determined by multiplying the trial value of the case by the chance of success.
- The Litigation Costs of The Plaintiff: Essentially, this means that the victim needs to weigh the costs of litigating the case (which could involve months of legal action) against the predicted awarded compensation.
- The Time Value of Money: This refers to the amount of time it will take for the victim to see the money awarded. Money now is of a higher value than money down the road. Many cases will, at some point in the future, be appealed. Therefore, considering the value of an immediate settlement is important.
- Willingness of The Client To Assume Risk: How willing is the client to reject a sum of money offered for settlement in hopes of receiving an even larger sum of money by verdict? Most of the time, this is dependent on how life altering that possible settlement will be for the victim.
If you believe you have been the victim of medical malpractice and are interested in pursuing litigation, please contact our experienced Maryland medical malpractice attorneys today at 1-410-234-1000 to get started. At Schochor, Federico and Staton, P.A., we are dedicated to getting the best possible settlement for you and your family.