You might hear about situations where someone won a personal injury case. Either they got the defendant to offer a settlement amount, and they took it, or else they won some money via a jury’s decision. Maybe you also hear a rumor that the plaintiff got rich in this way, and now, they never have to work again for as long as they live.
You should know about factors that influence personal injury settlement amounts if you’re planning to sue a person or company. You might have dreams of getting rich this way and living like a Kardashian from that point forward.
Do such dreams have any basis in reality? We’ll talk about whether you can get rich via a personal injury lawsuit in the following article.
The Two Ways You Can Get Money Via a Personal Injury Lawsuit
First, let’s make sure you understand the ways you can make money if you decide to sue someone. You might force a settlement offer if you can provide a great deal of evidence that the person or entity that you’re suing hurt you or made you ill. You might also bring a wrongful death lawsuit against a person or company if you allege their action or inaction caused a loved one’s death.
If you present a lot of evidence during the discovery phase, then the defendant’s counsel might tell them that they should extend a settlement offer to you. Then, it’s your choice whether you want to accept it or not.
You may decide it’s not enough. You can either present a counteroffer, or else you can go on to trial. You may eventually win a jury’s verdict in your favor if things ever get that far.
Most personal injury trials don’t get to that point. The two sides typically settle before that all-important jury’s verdict.
You can make money in either of those ways. If you go through the trial and the jury’s decision goes against you, though, then you’ll get nothing.
Now, let’s talk about whether you can truly get rich through one of these two methods.
Are You Suing a Private Citizen or Company?
Who you’re suing makes a great deal of difference if you’re looking at the question of whether you will get rich or not. If you’re suing a company, it probably has more money than a private citizen. That means you might get a larger settlement from them or a more sizeable amount of money from a jury’s verdict.
Exceptions apply, though. Maybe you’re suing a private citizen who has a lot of money. If so, perhaps there’s just as much on the line as might get from a company.
Maybe you’re suing a very small company that doesn’t have much in the way of financial resources. If they settle or you win at trial, you may not get very much if that’s the case.
Does the Person or Company You’re Suing Have Vast Resources?
As we mentioned, the amount of money the person or company you are suing has impacts your potential settlement offer or winnings. Maybe you are suing a private citizen, and you win, but they have virtually no savings or material possessions they might liquidate.
If so, you get the personal satisfaction of winning at trial, but you’re not getting much money out of the deal. You can’t get blood from a stone, as the saying goes.
The judge might dictate that this person’s job should garnish their wages for decades to give you some of the money the court feels you’re due. However, if the defendant works at a gas station or at McDonald’s, you’re hardly getting rich from what they give you.
If you sue a company and win, maybe they’re small, and they’re also barely profitable. They might declare bankruptcy. Again, you get personal satisfaction, but it’s doubtful you’ll get enough money where you can consider yourself rich in the aftermath.
Did The Defendant Permanently Injure You?
You must also factor in whether the defendant permanently injured you. If they clearly hurt you, but you recovered eventually, you might get some money, but probably not as much as if you suffered permanent harm.
If the defendant did something that caused you permanent injury, you’re liable to get more. If you lost a limb or your eyesight, you might get millions.
You can sue not just for economic damages, but for noneconomic ones. You may state that you can’t do things now that you previously could. Maybe you and your spouse can’t have physical intimacy anymore.
If you suffered permanent damage, or you’re suing for wrongful death, you might walk away with a large sum of money. It’s in situations where the defendant did some real, lasting damage to your life that you might get rich enough that you may never have to work again.
What’s Left After You Pay Your Lawyer?
You must also consider that you must pay your lawyer, though. Normally, if you hire a personal injury attorney, you must pay them via contingency. That means, if they win your case for you, you must pay them 25%-40% of your winnings, on average.
That might eat into your winnings quite a bit. You may still get millions if the defendant harmed you permanently, but you won’t have anywhere near as much after you and your attorney settle up. If you’re seeking legal help in Nevada, working with an experienced Las Vegas Personal Injury Lawyer can make a critical difference in the outcome of your case.
If You Get Rich, Will You Stay That Way?
You should think about an additional factor when considering whether you could get rich from a personal injury lawsuit. Even if you get several million dollars, you might never work again only if you invest that money the right way. If you get a few million dollars and use it on a high-end car, trips to Vegas, and similar luxuries, you might eat through that money quickly. If you invest it wisely, on the other hand, then you might live for the rest of your life on your winnings.
