Structured settlements are a crucial tool for defense attorneys. By incorporating them into their strategy, these legal professionals can ensure a smoother claims process and offer enhanced value to their clients. Let’s delve deeper into how defense attorneys can seamlessly integrate structured settlements into their arsenal.
The Role of Settlement Consultants in the Claims Process
Where does a settlement consultant come in? While adjusters juggle multiple tasks simultaneously, Ringler’s consultants focus solely on settlements. By involving a consultant, the defense can access specialized knowledge and skills, making the process smoother and more efficient. Some of the specific advantages they bring include:
We highlight a few of the above advantages below.
Understand the Mechanics of Structured Settlements
Before venturing into structured settlements, defense attorneys must grasp their mechanics. Essentially, these are financial agreements allowing the claimant to receive their compensation through periodic payments instead of a lump sum. These payments can be tailored to meet specific needs and future financial obligations or to provide a steady income stream.
Collaborating with Settlement Consultants
In a past Ringler Radio Episode, our consultant John Muir remarked that involving a settlement consultant can be a game-changer. These specialists possess unique insights and skills, focusing solely on settlements. By leveraging their expertise, defense attorneys can navigate the intricacies of structured settlements, ensuring the best outcomes for their clients.
Leverage Financial Incentives
Structured settlements come with various financial incentives that can entice agreement between parties. For instance, defense attorneys can structure attorney fees, provide claimants with free money management options, and even present financial plans that are more attractive to the claimant, promoting a quicker resolution.
Addressing Specific Case Needs
Every case is unique. Whether it’s a minor’s case where direct payment isn’t viable or a workers’ compensation claim that demands specialized attention, structured settlements offer solutions tailored to specific case requirements. Defense attorneys can use these tools to address individual needs, ensuring satisfaction on both sides.
Use Structured Settlements for Long-Standing Cases
Structured settlements can be a beacon of hope for cases that seem stagnant or aren’t progressing. Liability transfers, facilitated by structured settlements, can help defense attorneys manage old, seemingly unresolvable cases, freeing them up for other tasks and reducing administrative burdens.
Educate the Other Side
Often, misconceptions or lack of knowledge about structured settlements can be a hindrance. Defense attorneys can take the proactive step of educating the plaintiff side about the advantages, ensuring a smoother negotiation process. They can pave the way for a more collaborative approach by dispelling myths and highlighting benefits.
Focus on Client Benefits
Lastly, defense attorneys always prioritize their clients’ long-term benefits. Structured settlements provide security, managing the risks associated with large lump sum payouts. By opting for structured settlements, defense attorneys ensure their clients have a steady income stream, addressing future needs and unexpected expenses.
Structured settlements are more than just a financial tool; they are a strategic asset for defense attorneys. By understanding their nuances, collaborating with experts, and leveraging their advantages, defense attorneys can drive better outcomes, faster resolutions, and ensure client satisfaction. Embracing structured settlements is not just a choice but a smart defensive strategy.
To find a Structured Settlement Consultant near you – click this link to begin your search: Structured Settlement Consultant Directory
To listen to the Ringler Radio Episode on this topic, click here to listen: Ringler Radio Episode