More often than not, a filed asbestos lawsuit does end in a settlement agreement between the two parties. There are multiple reasons that this works out to the benefit of both the defendant and the claimant, and the rest of this article will address those individually. It should be noted, however, that there are sometimes cases that do not settle out of court and instead progress to trial. When this happens, you should feel confident that the qualified mesothelioma lawyer that you’ve chosen to represent you will be prepared to present a winning argument and all necessary proof for your case.
Minimizing Legal Costs on Both Sides
When considering the substantially high costs of an asbestos lawsuit, settlement makes a lot of sense for both sides. To date, more than half of the $70 billion-plus figure that has been spent on asbestos injury litigation has gone towards attorney fees and other legal expenses (on both sides). According to the ‘Journal of Economic Perspectives,’ by the time overall cost of asbestos claims reaches the projected $200 billion mark, the total spent on legal representation will exceed $118 billion.
For each individual claimant, legal costs average upwards of half a million dollars. Advantageously, legal fees are deferred until the completion of the suit and are paid on a contingency basis. But still, when receiving damages for their claim, litigants must still proportion that amount to whatever percentage has been agreed on for their attorney expenses. Obviously, it is in the claimant’s best interest to minimize those expenses to whatever degree possible—a task best accomplished by settling out of court and avoiding the costs of hourly fees that would be amassed during a lengthy trial.
Saving the Time and Trouble of Going to Court
On that last note, settlements tend to be favorable over trials on both sides of mesothelioma lawsuit by saving considerable time and tedious effort for defendants and claimants alike.
This is especially important for the former, who are typically sick and often undergoing cancer treatment as the case progresses. By ending an asbestos lawsuit in settlement, the claimant saves precious time that is far better spent with family and loved ones.
Quicker and Easier Resolution Leads to Faster Payment
The fastest way to get the compensation they deserve is for claimants to successfully end their asbestos lawsuit in settlement. For those who have amassed exorbitant medical bills while paying for expensive and ongoing treatment, in addition to numerous hospital stays, receiving damages now rather than later is paramount. This scenario is compounded, for some claimants, by the pressing need to provide support to their dependents—who may have been left penniless and struggling after a primary wage earner lost his or her ability to work and provide.