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How To Manage Personal Injury Settlement?

How To Manage Personal Injury Settlement

How do you manage personal injury case settlements? Are you still using spreadsheets, notebooks, or physical calculators? How do you track all the offers, demands, negotiations, fees, expenses, and more?

You probably agree that calculating the settlement in the right way is critical and complex, given that the plaintiff’s life depends on it.

CloudLex’s settlement calculator takes all the complexity out and streamlines your settlement process.

Track demands and offers

With CloudLex, attorneys can manage all the demands and offers in one place for single and even multiple plaintiffs in a PI case. For example, you can log offers from adjusters against their plaintiff’s insurance and tracking payment requests and expenses for each injury type.

Anyone with appropriate access permission can check the settlement stage and pick up from where the previous attorney had left off. 

Log negotiation

Negotiation is a critical stage in the case life cycle because this is where all your hard work can be fruitful. Therefore, it is equally important to log every negotiation for one or multiple plaintiffs in the case. 

In the Gross calculation, “Attorney Recovery” is calculated by applying the attorney fee to the total settlement amount. “Expenses & Disbursements” and “Liens & Medical Bills” are then subtracted from the subtotal, which yields the Plaintiff Recovery.       

In the Deducted calculation, “Expenses & Disbursements” and “Liens & Medical Bills” are first subtracted from the total settlement amount. The attorney fee is then applied to this subtotal, which yields “Attorney Recovery.”

Settlement reports

Settlement offers can come at any stage of the case; therefore, managing partners must keep track of all the settlements of firm-wide cases and allocate resources accordingly.

Managing partners and attorneys can use firm-wide settlement reports to analyze settlement amounts, outstanding amounts, total paid amounts, demand, and offers, along with closing dates so your team can follow up on time. 

This report gives you a picture of your firm’s earnings and settlement activities across all cases.

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