Determining the Value of Your Claim
No business is immune to personal injury claims. You could be running a small office downtown, or you could have your offices setup in the highly expensive business district. the point is, personal injury claims can happen anywhere. and as a personal injury lawyer, we see this all the time.
Florida has been ranked among the top states that are business-friendly and create numerous employment opportunities. While feasible working conditions and environment may reduce the number of personal injury claims, they cannot put an end to fraudulent claims. Further, the good news is that your legal team can determine the actual value of a personal injury claim using big data analysis.
Data analysis and law firms
Big data has had a significant impact on the corporate world. Businesses across all industries are now trying to leverage their profitability using data analytics. Legal firms are no exception. a number of law firms across the country are trying to manage their spending better with the help of data analysis. However, data analysis is not just restricted to the business area of the legal firms. Law firms are also using big data for better case evaluation, and to offer a more suitable solution to their clients.
Determining personal injury claim value with big data analysis
Personal injury claims can cost a business heavily. That is why it is important to determine the actual cost of the personal injury claim. This is done based on the liability of the plaintiff and the damages he or she suffered.
Now a business can deal with such a claim in two ways – go to trial or settle it with the plaintiff. but how do they determine which is a better option? They do it with the help of data analysis. More and more number of law firms like Silverthorne Attorneys, which specialize in personal injury cases, is now depending on data analysis to offer better solutions to their clients. in a sense, law firms are starting to use data as rigorously as insurance companies for better predictions and to become better advocates.
Settlement or trial?
Predictive data analysis enables lawyers to calculate the approximate amount their clients have to shell out in a personal injury claim. the evidence in the case and the available facts will allow the lawyers to determine only the probable liability, which the jury ultimately decides. the value of the damages, however, can be determined more accurately using big data analysis.
When it comes to damages, juries usually look at medical expenses, loss of income, etc. the third component is more objective and not easy to determine. Even juries find it hard to come up with a reasonable figure for this. Usually, jury members go with their instincts about pain and suffering and come up with a figure they believe is best.
Lawyers on the other hand, need not rely only on their gut instinct. This is where they should use data analysis to:
- Look at past cases where similar claims have been made
- The average cost of treatment for the injury that the plaintiff has suffered
- Loss of income
- The impact the injury might have on the plaintiff’s life
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Data analysis, combined with experience in dealing with such cases can help determine a settlement. the liability factor should also be considered to come up with a possible amount that the jury may award.
As a personal injury lawyer, we know that the time after an accident is difficult. That is why we are here for you. Furthermore, we are here to make sure you receive the best car possible.
If you are suffering from injuries due to an accident, contact a personal injury lawyer at Silverthorne Attorneys. Consultations are free!