After what can feel like a long process, the time has come for your workers’ compensation case to either win a verdict or reach a settlement. So now what? When dealing with a workers’ compensation case or any legal matter that involves a settlement, understanding the process can ease a lot of confusion.
At the Law Offices of Parente & Norem, P.C., we do everything we can to have your funds dispersed to you in a timely manner. The process is two-fold; there’s the final work your attorney needs to do to complete your file, as well as an operational component that ensures all guidelines have been followed in order to have your funds dispersed free and clear of any more ‘red tape.’ Here’s a detailed breakdown of what happens from the time of verdict/settlement to the final disbursement of funds.
The Attorney Process
Settlement Contracts
Once the settlement agreement is reached, the plaintiff’s attorney drafts a document called a settlement contract.
This document outlines the settlement terms, including the payment amount, any bills that will be paid from the settlement, and legal releases for the defendant from any further liability for the incident in question.By signing this document, the plaintiff agrees not to pursue any additional claims related to the same event.
Limited Power of Attorney
Once settlement documents are executed,the attorney provides a Limited Power of Attorney (LPOA) form to the client for their signature. This allows the attorney to deposit the settlement funds into the client’s trust account once received. It also permits the attorney to negotiate and resolve liens or outstanding medical bills related to the case, which helps maximize the client’s net recovery.
Settlement Fund Timeline
After all paperwork is signed and submitted, it typically takes 60-90 days for the settlement funds to be processed and sent to the plaintiff’s attorney.
The Operational Process
After the funds are deposited into the client trust account and all bills and liens are resolved, the attorney prepares a settlement disbursement packet, which includes a breakdown of the settlement amounts. This packet is passed to the operations or accounting team for processing.
Disbursement of Funds
Once all numbers align with the total settlement amount, checks are issued in the names of the client and any medical providers.
The client is invited to the attorney’s office for a final disbursement meeting, where they review the settlement breakdown, ask any questions, and sign the closing statement.
Final Steps
After signing the closing statement, the client authorizes the attorney to send checks to medical providers for their portion of the settlement. The client receives their net settlement check, which reflects the amount left after deductions for liens, legal fees, and other case-related expenses.
Once all payments are made, the case file is officially closed.
The settlement process can seem complex when your personal injury case is resolved, but with a knowledgeable attorney here at The Law Offices of Parente & Norem guiding you, it’s designed to protect your rights and maximize your recovery. From negotiating the terms of the release to ensuring every dollar is accounted for, this process ensures that you receive what you deserve while addressing any financial obligations tied to your case.
