settlement

One of the most important aspects of a personal injury attorney’s job is settlement negotiation. Because experienced attorneys have negotiated hundreds if not thousands of cases, they have a better idea of what a case settlement value should be. While negotiating cases, attorneys take a lot of information into consideration and often negotiate with insurance companies. Lawyers negotiate elements of a case including liability, total…

Personal injury claims are often settled within 1 year starting from the date that the claim is filed. In cases that involve serious injuries or are not settled and instead go to trial, it often takes 2-5 years to receive compensation, but ultimately it will depend on the complexity of the injuries and associated claims. Auto accident cases with clear fault and non-complicated injuries often…

The average personal injury settlement amount is approximately $75,904.90, which was derived from retrieving settlement amounts in personal injury cases that were settled in the last 8 years (between 2015 and 2023).

If the claim is a personal injury case and did not contain an itemized deduction for medical expenses related to the injury in years prior, the full amount is non-taxable. There is no need to include the personal injury settlement proceeds in income. The facts and circumstances of the case will ultimately determine whether a lawsuit is taxable. It is true that the IRS will…