In the paragraphs that follow, an experienced Renton personal injury lawyer discusses how the national economy can have a profound bearing on the settlement of personal injury cases.
When the Economy Is Weak
A slow or weak economy usually triggers a conservative approach to personal injury cases. Downturns in the economy can mean a downturn in the investment holdings of an insurer which can affect the company’s revenues considerably. The insurer must then attempt to reduce expenditure, and the first victim is usually claim settlements. Cases that are neither large nor catastrophic will settle for significantly lower amounts. Even cases that are catastrophic in nature tend to suffer as insurers try to settle for less than the full potential value.
Reductions in Force
When the economy is slow, insurers tend to reduce their work forces just as other employers do. Your Renton personal injury attorney may need to work around changes in the adjusters handling the case, which can interfere with the establishment of a good working rapport. It can also result in an adjuster who is heavily overloaded. This is particularly true in the final quarter of the year, when settlements are most frequent.
Effect on the Jury
Politicians and the media often fasten on tort reform when an economic downturn is in force. Personal injury litigation can be expensive, and when times are hard, the impact of a large settlement can spell ruin especially for a small business. Thus, when dealing with a small case or one involving injuries to muscle and tendon rather than broken bones, a jury may be more difficult to convince than usual concerning the merits of the case.
If you would like more information on the effect that the economy might have on your case, contact Edward K. Le Attorneys at Law, your Renton personal injury lawyer, by calling (425) 336-2255 today.