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Reaching a settlement can feel like the end of a long process, but agreeing on an amount does not usually mean a check goes directly into your hands. Several things may need to happen before you receive your portion of the settlement, including signing settlement documents, receiving the settlement funds, resolving certain outstanding obligations, and completing a final accounting.
So, how is a personal injury settlement distributed in Little Rock? The details depend on your case, but the settlement must undergo proper accounting before you can receive the remaining funds. At Mays, Byrd & O’Guinn, PLLC, our dedicated personal injury attorneys could help you understand what is happening throughout this process, including how the division of the final settlement works. Contact us today to get started.
Once you accept a settlement, the insurance company or other responsible party typically prepares documents necessary to finalize the claim. You may be required to sign a release confirming that you are resolving the claim in exchange for the agreed-upon amount.
The law firm’s trust account issues and handles the settlement payment. The funds must be cleared before the firm distributes any money.
The exact timeline includes a lot of case-to-case variables. Our Little Rock personal injury attorneys keep you informed about where your settlement distribution stands and answer your questions rather than leaving you wondering when you will receive your money.
The amount negotiated to settle your claim is the gross settlement. Your gross settlement does not necessarily represent the amount you ultimately receive. Depending on your case, deductions from a settlement may include:
Your fee agreement should explain attorney fees and case expenses. Before the remaining personal injury settlement funds are distributed to you in Little Rock, you should receive an accounting showing the settlement amount and applicable deductions.
Medical expenses can make the settlement distribution process more complicated in a Little Rock personal injury case. Depending on how you paid for medical care, you may need to address outstanding medical bills or reimbursement claims before your portion of the settlement can be released.
Our lawyers can identify obligations associated with the case and determine what you must resolve. In appropriate circumstances, we may also seek to negotiate certain medical bills or liens.
There is no standard percentage of a personal injury settlement that every Little Rock client takes home. Your net recovery depends on the specific circumstances of your case. For example, two people could receive identical gross settlements but ultimately receive different amounts because their medical expenses, liens, case costs, or fee arrangements differ.
This is why the final accounting of your personal injury settlement distribution matters. You should be able to see how the gross settlement became your net settlement and understand where the money went.
A settlement involves working together to handle funds properly, address applicable obligations, and ensure you understand your final recovery.
At Mays, Byrd & O’Guinn, PLLC, we are a family-owned, minority firm of experienced litigators, and many members of our team have worked together for more than 25 years. If you are wondering, “How is a personal injury settlement distributed in Little Rock?” or need help pursuing an injury claim, contact us to discuss your case.