How Long Do Settlement Negotiations Take?

If you’re asking how long do settlement negotiations take, just know you’re not alone.

Read everything you need to know here.

Introduction

When you are in a situation where you are waiting on a settlement, there is a good chance you are in need of that money. Maybe you have been injured in a car accident, a slip, and fall, or even due to a defective product. Whatever the reason, if you have a personal injury claim, you may be entitled to compensation. And most often, this comes as a settlement. Unfortunately, waiting for settlement negotiations to conclude can seem like it takes forever.

Negotiations take place between two parties – you and the party you are holding liable for your injury. Sometimes they can conclude quickly. Other times, however, there can be a lot of back and forth between parties that can draw it out longer. Certain factors play a role in just how long settlement negotiations take.

How Negotiations Begin

In order for negotiations to commence, the party with the claim (that’s you) will often reach out to the other party stating they’d like to reach a settlement. This generally comes in the form of a demand letter that states how much you are looking to be compensated for and any details you have to support your claim.

If there is a failure to respond, your attorney will know how to move forward. 

Timeline of a Settlement

Most of the time, the response from the other party will come with a counteroffer. This means they often come back to you with an amount that is different from what you asked for, usually lower. The good news is that you do not have to agree to this number at all. That’s the whole point of settlement negotiations.

If you do not accept their settlement offer, you can return an offer, whether your initial amount or something slightly lower in an attempt to reach a resolution. They will then respond by agreeing or with another counteroffer.

This process can continue for weeks – or even months. It often depends on how quickly the responses come to the counteroffers and how well the communication is between parties. Knowing what is a good settlement amount and when things look like they may become stale is something that an experienced attorney can help you with.

One thing that is going to impact the timeline for settlement negotiations is the strength of your case. The stronger your cases, the easier it is to prove and the faster it is to reach a settlement that is desirable to you.

Ways to Speed Up a Settlement

If you are looking to speed things up a bit in hopes of not drawing out negotiations for an extended amount of time, then there are a few factors you can consider.

• Preparation. Putting time and effort into the preparation of your claim, with facts to back it up and a reasonable settlement request may aid in reducing the back and forth between the parties. Providing any supporting documents, too, can also be beneficial.
• Communication. Receiving counter-offers warrants a response, just as your request for settlement warrants a response. The better you or your attorney are at staying on top of the case, the faster it can be settled. Follow up on deadlines and be responsive. The more persistent you are at trying to get the negotiations moved forward, the more the other party is likely to do the same.
• Handling emotions. You can’t get angry and fly off the handle. This is a process and you need to keep your emotions in check during it. Otherwise, you could find yourself facing a delay.
• Understand the process. If you understand the process, then you know that you need to remain patient. The negotiation process can take time – and if you want a successful outcome, then you need to be willing to be patient and wait it out.
• Listen to your attorney. It is easy to get lost in your emotions during settlement, but it is important to remember that your attorney is on your side. He or she is there to fight for you. So, don’t try to fight your attorney. Instead, listen to your experienced lawyer’s advice and work together to reach a successful settlement.

What Happens If a Settlement Can’t Be Reached?

Sometimes, no matter how hard you try, a settlement just can’t be reached. Not all negotiations are going to be successful so keep this in mind going forward. When this happens, it is said that the parties have reached an impasse.

So far, settlement negotiations have been kept out of court. But if both parties cannot agree, your attorney may suggest filing a lawsuit as the negotiations continue. Not only does this show the liable party that you are serious about getting compensated, but it also gets the ball rolling just in case. Too often, a settlement is reached before the trial even begins.

Have a Lawyer Handle Your Negotiations

So, how long do settlement negotiations take? There is no set answer as there are so many factors that play a part in the process. But with an experienced attorney on your side, you can feel confident that they are moving forward at a rate that is suitable for you.

Understand that your attorney knows you are struggling and are facing things like loss of wages, increased medical bills, and so forth. But without following the proper procedure and working with the other party you may find yourself dealing with a long legal battle.

Conclusion

If you find yourself injured and in need of compensation seek out a lawyer that can help. Don’t just settle for anyone, though. This person must be well seasoned not only with the issue you are seeking compensation for but with negotiating, as well. If you are dealing with big insurance companies, for example, they have experienced attorneys on their side backing their client’s best interest. You need an attorney that is backing yours.

So, be patient, allow the process to happen, and trust that the attorney you hired will handle the settlement negotiations.