Dec
30
Written by:
Matt Schad
12/30/2010 7:11 AM
There is a difference in reaching a settlement agreement in a case and actually concluding the case. A settlement is an agreement between our client and a defendant (usually an insurance company) about how much the defendant will pay to resolve the case. Many cases settle during a series of phone calls. Others settle from an exchange of written letters. Cases in which a lawsuit have been filed often settle during a mediation conference.
With very few exceptions, most defendant insurance companies won’t simply send a check. All of the attorneys have to prepare and sign release documents, or file papers with the court to dismiss the case. Those arrangements typically take a month or two after the actual agreement.
It’s a paradox that insurance companies want to settle cases at the end of the year but getting the check from them is harder in December. Insurers like to show cases as settled before January 1 because it affects the accounting and books of the company. However, getting the final check requires detailed follow up. During the holidays, it’s hard to juggle all of the phone calls and contacts with adjustors and defense attorneys who are out of the office.
We typically wind up more cases in December than in any month of the year. This year has been no exception. It’s a great feeling to be able to meet with my clients for that final meeting and give them a check before Christmas – it has helped with a lot of presents under the tree over the years. It also helps with the sense of closure as someone who has been through an ordeal with an injury puts the case behind them and looks forward to a new year.