A lump sum settlement is a payout that comes in one single, large payment. This type of settlement occurs following negotiations, and the single payment covers the entire agreed on amount. In most cases, the insurance company — or the defendant if there is no insurance company — writes a check for the full amount and sends it to your attorney.
Getting the Cash Due From Your Lump Sum Settlement
If Berger and Green represents you, we will take our attorney’s fees from this check and then get your remaining payout to you as soon as possible. You will know in advance exactly how much you will receive. We always agree to terms for attorney’s fees before we begin working on your case and can answer any questions you have about your payout for you.
Most other attorneys follow similar processes, taking their fees from your lump sum payment and forwarding the remaining payout to you.
Lump Sum Settlements Are Common in Many Types of Pittsburgh Cases
Lump sum settlements are often the go-to payout type in many types of cases which includes:
- Personal injury accidents
- Car accident cases
- Premises liability claims
- Worker’s compensation settlements
The team from Berger and Green can help you weigh your options after a settlement agreement, deciding if a lump sum payout is right for you. Many people prefer lump sum settlements because it gives them immediate control over their money and allows them to invest it in ways they prefer or to pay off debts immediately.
Alternatives to Lump Sum Settlement Payments
There are advantages and disadvantages to all types of settlement payments. A lump sum payment means you get access to all your money at once and you have complete control over it. However, when serious injuries require ongoing or future care, some families opt for a structured settlement.
A structured settlement pays out your settlement over time, issuing an initial payment and then regular payments over the agreed-on term. This means you do not have access to the total amount of your payout as you do in a lump sum settlement. Instead, you receive regular payments according to the terms you agreed to as a part of the deal.
Talk to Your Attorney About a Lump Sum Settlement in Your Case
If you have a pending civil case in Pittsburgh, the team from Berger and Green can offer advice and guidance about negotiating settlement terms and pursuing the compensation you deserve. You do not have to try to get a payout on your own. Let us calculate the value of your damages and seek a settlement on your behalf.
Call us today at 412-661-1400 to discuss the terms of your potential settlement in your case. A member of our team is standing by to answer your questions and help you understand your options.