Did you know that working with an attorney can lead to a bigger settlement? That isn’t just an enticing hook, but shown in multiple studies over the past 20 years. Keep reading to learn more.
40% More Money
One study by The Insurance Research Council (IRC) shows that accident victims who hired an attorney received 40% more in their settlements when compared to settlements of victims without legal help. While the study, Paying for Auto Injuries: A Consumer Panel Survey of Auto Accident Victims, was originally published in 1999, it has been updated. More than 20 years later, the results hold: accident victims with legal representation yield higher settlements.
Attorney Involvement is Linked to 85% of Money Paid to Victims
Another IRC study, “Auto Injuries: Claiming Behavior and Its Impact on Insurance Costs,” found that most settlements involved legal representation. This study showed that in insurance settlements for bodily injury, 85% of all money paid out is linked to victims with legal representation. Clearly, most injured victims with insurance payouts had legal support.
Higher Economic Loss Payout
A study by the All-Industry Research Advisory Council (AIRAC), Attorney Involvement in Auto Injury Claims showed that accident victims with legal representation received 34 cents more per every dollar of economic loss than victims settling without an attorney. More specifically, having legal representation resulted in $1.59 per dollar vs $1.26 per dollar. This advantage can quickly add up to a larger settlement.
Is Getting a Lawyer Right For You?
These studies show that there can be a substantial financial benefit to having legal representation when injured. As always the choice is yours to make, but you can read our blog post on this very question. Here at Donner Applewhite, we want to serve your needs so please call us at, 314-678-1176, with any questions or send us a message. We are here to help.