If you’re going to make one change in 2019, it should be in evaluating settling your soft tissue cases. Attorneys have been telling us for years, “I know what soft tissue cases are worth.” What you really know is how much you’ve been settling them for. If you looked at settlements from thousands of your peers and saw the numbers were significantly different than yours, wouldn’t you want to make a change? For plaintiff’s counsel, this could create a huge difference to your bottom line in 2019.
With so much variability in fact patterns, we dig deeply into the details to provide cases on point.
Plaintiff attorneys: How many soft tissue cases have been sitting on your shelf for 6 months? It’s a common scenario to send a demand letter, receive an offer you don’t want to accept, but your client has stopped treating. Without new medical records or bills, how do you continue negotiating? This is affecting your cash flow. Let’s solve that problem.
The #1 search we conduct at CaseMetrix is a soft tissue case with a minor impact and meds under $5,000. Why? Because that’s the #1 case being handled by attorneys throughout the Southeastern US according to our data. Most attorneys don’t talk about their large volume of soft tissue work even though this is the most common case:
Soft Tissue Injury
Minor Impact/Slight Property Damage
Meds Under $5,000
Low Limits of Liability
Sound familiar? It’s the most common search and many settle for policy limits, while others settle below meds, which is why you need to tell us lots of details.
Has the plaintiff undergone injections?
In what county is the case filed?
Who is the insurer?
Are their liability issues?
Did the plaintiff have prior related injuries?
Were there any egregious citations such as DUI or Hit & Run?
Defense attorneys, are your insurer clients paying more than other carriers on similar cases? Chances are you don’t know the answer to that question. Insurers know how much they’re paying to settle soft tissue cases in various counties. What they don’t know is how their settlements compare with other carriers. Some carriers do, in fact, pay more than others. Some defense firms are paying more than others. Insurers are evaluating your performance and deciding where to assign future business. You need to make sure your settlements are both fair & competitive before you lose a client. You could lose 300 cases today that are being handled by in-house counsel tomorrow.