Basic Personal Injury Settlement Breakdown: How Much Goes in My Pocket?

October 10, 2022 | Winters & Yonker Personal Injury Lawyers | Personal Injury

The vast majority of personal injury claims settle out of court. You have probably heard of people who win significant settlements and asked yourself, “how much of that money actually made it into their pocket?”

The answer differs from case to case. Below is a discussion of the factors you need to consider if you want to estimate the amount of your settlement you can take home.

Forms of Compensation You Might Qualify for in a Florida Personal Injury Settlement

The Florida personal injury compensation system offers many different types of compensation, including:

Economic damages: Medical expenses, lost wages, out-of-pocket expenses, and other easily quantifiable expenses.
Non-economic damages: Pain and suffering, mental anguish, emotional distress, and other intangible harms.

A court might also award you punitive damages to punish the defendant for outrageous behavior, such as intentionally causing an accident in a road rage incident. Most of the time, courts deny punitive damages even to victorious claimants. Punitive damages are difficult to negotiate at the settlement table.

Deductions From Your Personal Injury Compensation

Add up your economic and non-economic damages, and you will have the amount of your gross compensation. To arrive at your net compensation, refer to the deductions and limitations listed below.

Legal Fees

Personal injury lawyers generally work on a contingency fee of 33% to 40% of the total amount of your recovery. The opposing party will transfer your settlement into your lawyer’s escrow account, and your lawyer will deduct their legal fees before you see any of the money.

Case Expenses

Your lawyer will also deduct their own out-of-pocket case expenses if they win your case.

Case expenses might include:

Court fees, if you settled after filing a lawsuit
Copying expenses (for medical records, etc.)
Investigation expenses (travel expenses, etc.)
Expert witness fees
Other expenses that your case generated

Most personal injury lawyers will charge you nothing for case expenses if they don’t win.

Medical Liens

Your medical expenses are likely to pile up before you receive any settlement money. Some healthcare providers are willing to deal with these expenses by taking a lien on your personal injury settlement, to be satisfied when the opposing party pays the settlement.

Federal Taxes

Generally, personal injury compensation is non-taxable. The IRS might tax you on the judgment interest on your settlement, but that will amount to very little. You might also sacrifice certain health-related tax deductions under certain circumstances.

The only major taxation you might need to concern yourself with would be if you won punitive damages. The IRS treats punitive damages as taxable income.

Inherent Limitations on Your Personal Injury Compensation

The following inherent limits apply to many Florida personal injury claims.

Insurance Policy Limits

All insurance policies have maximum coverage limits. No matter how strong your claim is, no insurance company has an obligation to pay you any more than this amount.

If the insurance coverage is insufficient to satisfy your claim, you can seek a second defendant (the defendant’s employer, for example) or go after the defendant’s personal assets.

Florida’s No-Fault Insurance System for Traffic Accidents

Florida applies a no-fault system to car accidents. No matter whose fault the accident was, you must rely on your own PIP insurance to pay your claim. PIP applies only to economic damages, including medical expenses and lost wages.

If your injuries are serious enough, you can exit the no-fault system and sue the defendant directly. The problem is that Florida does not require its drivers to carry liability insurance.

Florida’s Pure Comparative Negligence Statute

Pure comparative negligence is how Florida deals with situations where more than one party was at fault. Suppose, for example, that you suffer a slip and fall accident at a department store. The store’s escalator malfunctioned, but you were intoxicated at the time.

If you were in court, the court might find you 30% at fault and therefore deduct 30% from your awarded damages. At the settlement table, the parties are likely to negotiate a figure that approximates how a court would likely apportion damages among the parties.

Contact the Clearwater Personal Injury Law Firm of Winters & Yonker Personal Injury Lawyers for Help Today

A personal injury attorney cannot guarantee you a certain amount for your claim. Nevertheless, the Insurance Research Council estimates that personal injury victims with lawyers receive 3.5 times more total compensation than people who try to represent themselves. If you have a claim, start looking for a good lawyer today.

For more information, please contact Winters & Yonker Personal Injury Lawyers to schedule a free consultation with a personal injury lawyer in Clearwater today. We have five convenient locations in Florida, including Tampa, Clearwater, St. Petersburg, New Port Richey, and Lakeland.

We proudly serve Hillsborough County, Pinellas County, Pasco County, Polk County, and its surrounding areas:

Winters & Yonker Personal Injury Lawyers – Tampa Office
601 W Swann Ave, Tampa, FL 33606
(813) 223-6200

Winters & Yonker Personal Injury Lawyers – Clearwater Office
600 Bypass Dr Suite 224-D, Clearwater, FL 33764
(727) 493-4418

Winters & Yonker Personal Injury Lawyers – St. Petersburg Office
111 2nd Ave NE Suite 350, St. Petersburg, FL 33701
(727) 314-5988

Winters & Yonker Personal Injury Lawyers – New Port Richey Office
5006 Trouble Creek Rd Unit #200, Port Richey, FL 34652
(727) 910-5060

Winters & Yonker Personal Injury Lawyers – Lakeland Office
1543 Lakeland Hills Blvd Suite 18, Lakeland, FL 33805
(863) 251-6196

Karla Rogers

1695770121

Best lawyer ever! I had an accident gave them a call and like three months later, case Settled and full payout... Excellent service!

Lenette Montalvo

1695641293

Christopher from Winter and Yonker was amazing. Very nice person to talk to, listen to what I had to say, and even gave his opinion when needed. From start to finish I felt very important and I was impressed by this law firm every one i spoke to made me feel safe and comfortableto. My accident has done a lot of damage to me, and knowing I had an attorney from Winters and Yonker on my side made me feel great. My compensation for my accident is amazing and it will help me in my life. Thank you very much I will definitely recommend this law firm.

coleman vera

1694712772

I went to Winter & Yonker Law Firm for my Tampa car accident case I was involved in. My case manager throughout the process and she took care of me from start to finish. The process was very seamless, I received the medical treatment that I needed immediately and at the very end, concluded with a very rewarding settlement. I've worked with a few law firms from prior accidents and none can compare to the service OR expertise I received from Mr. Yonker.👉 If you're seeking help for an injury related case, I would definitely recommend working with him and their amazing legal staff at Winter & Yonker Firm in Tampa. I will always use this firm for all my Personal Injury Claims! If you are l@@king for an Attorney to give you Top Notch legal help and the MOST money for your Pain & Suffering then take it from me I'm a paralegal and this firm continues to OUTSHINE them all!

Meredith Wilson

1694489029

This was my first personal injury experience. I wanted to choose a law office I could trust. A friend of mine recommended the law offices of Winters & Yonker, Personal Injury Lawyers in Tampa. Through the entire process Attorney Marc Yonkers was helpful and communication was stellar. I never felt out the loop. I felt confident throughout entire process. Which this month (Sept. 2023) they were able to settle my accident case successfully and to my 100% satisfaction. I cannot recommend Winters & Yonker and or Marc any higher. In short they are firm, fair, aggressive, responsive, super smart and know the numerous ins and outs of Personal Injury cases (which can be quite complicated). Upon hiring them you get a law firm that will leave you confident that your case will be handled expertly and with your interests front and center.

Geneva Ramirez

1694089126

Winters and Yonkers has been a legend of the Tampa Bay personal injury Attorney community for a long time. I was in a car accident recently with my husband, we suffered back and neck pains after two days and thought to get someone’s help. I found Winters & Yonker Personal Injury Lawyers through a google search and called them right up. The same day Mr. Winters contacted both of us, listened, and was compassionate to our situation. He helped us through the entire process including getting me seen by a Doctor so we could heal our injuries correctly, and we got our medical bills reduced! Bill Winters, my case manager, and the entire staff were very knowledgeable and exceptional at their work. We would like to express my sincere gratitude to them and recommend them without any hesitation to anybody who needs help, don't try and fight the at fault's insurance on your own. If you're injured and need someone to protect your rights you won't find a better Attorney than Bill Winters at Winters & Yonkers!-Geneva, Tampa FL#personalinjurylawyer #caraccidentlawyer #tampainjuryattorney

Shelley Torres

1694088835

Bum Boi

1693705250

My wife and I are work in Mediation and Arbitration but know nothing about personal injury cases. When a young delivery Truck driver who was distracted by his phone hit us at full speed and rear-ended us as we were stopped in traffic on Wesley chapel. We knew we needed to hire the best lawyers with PI experience and expertise in the Tampa legal community that we could.From our first phone call with Bill Winters and then all the way through Trial preparation then Trial, we never felt any bad about our case because we knew Bill and the entire staff at Winters and Yonker would take care of us.Their dedication, innovation, motivation, reliability, unparalleled intellect, and exceptional skill as trial lawyers make them extraordinary individuals. My experience working with them was nothing short of exceptional. Experiencing a car accident is an ordeal that encompasses fear, trauma, and frustration. It's a life-changing event in anyone's life. There was no amount of money that could ever make me alright, because I would give any amount of cash to not have to go through the nightmare that the car accident was and continues to be.It took almost 2 years from the time of the car crash to go to trial, but ultimately the jury verdict that Bill Winters got for my family was worth fighting for. There were so many times over the course of the three years that we actively realized how amazing it was that we felt no anxiety or concerns or worries about our case, because Bill is truly outstanding!If you or anyone you know gets hurt in a car accident, call Winters and Yonkers RIGHT AWAY! And then rest assured that you, your family, or friends are being cared for by the ABSOLUTE BEST legal team in Tampa Bay. Thank you, Winters & Yonker!

Glenda Litimco

1693536170

Winters & Yonker law firm did excellent work with my injury case. Luckily, I was referred to Winters & Yonker from a good friend after I was injured in a car accident. I did some initial research about injury lawyers near me, but the reviews for this office really stood out to me in Tampa. I decided to call and after a single phone conversation, the choice was easy to make! Not only was everyone extremely professional, they made the entire process smooth and clear. I was at ease with each step of the way because they were always there to answer my questions and keep me informed of what was happening. All expectations were met and my settlement was exceeded. I got much more than I thought was even possible from the insurance company. I highly recommend the Winters & Yonker Personal Injury Lawyers, and their team in Tampa to anyone in need of help after a car, truck, or motorcycle accident. You'll be in good hands!

Dandrea Ikner

1693513818

This is the best lawyer in town

Nicky Warner

1692997375

Max was amazing! He kept me updated throughout the whole process and was extremely easy to talk with. He also explained everything so I can completely understand it. It was an amazing experience. Thank you, Max!

Erika Smith

1692795764

I had a great experience with them! They truly care about you!! Thank you so much🤗

Jonathan Clem

1692661489

I was injured in a car crash here in town. Since it was essentially a "he said she said" accident case the opposing insurance claimed it was a 50/50 fault. Even though it clearly could not have been my fault. However, Bill worked diligently to get me everything I was needed to get my life back. He worked to get me access to all the doctors I needed and medical treamtment for my neck and back. Plus, a large settlement amount. Bill even took the time to calm me down when I saw the initial amount and cost for seeing my medical bills piling up! He even managed to get them to reduce their bills significantly! Plus, I received as much as possible. Winters & Yonker Personal Injury Lawyers in Tampa provided a great legal service. They were strait forward and honest about the approach, and communicated every aspect of the process. The firm took care of everything. I would 100% without a doubt recommend him if I knew someone that need a personal injury attorney. Given the circumstances of our introduction I hope I never have to, BUT Bill Winters will definitely be my first call if I'm ever injured again!

marie silvers

1692107771

They are the Best! They care about you as a person!

jorden reagan

1692106640

Everyone on their staff is amazing! Chris and Sara won my case and helped me out with an accident that occurred a few months back. They made the entire process so easy! They called with case updates but not too often where it was constant phone calls. It was just enough to know what was going on the whole time without being bombarded. Thankful for Tayler on their staff who helped inform me on why Winters and Yonker was the best choice to go with!

Kimberly Rushton

1691849813

Yes, I would highly recommend winners in Yonkers. I worked with Trevor and Trevor was the best. I recommend anyone that ever needs a lawyer to go to them. They are the best.

Pat Pawelkop

1691761083

Highly recommend. Bill Winters and his staff took time to answer my questions, and handled my case in a timely and professional manner. I almost didn't contact a lawyer over my "small" injury case because I feared it would be so difficult and stressful. But he got me the settlement that my insurance company owed me, and I would never have been able to do that on my own. And with less stress that I anticipated. I'm glad I called them.

Amysway Barton

1691599586

Always available

Certified Soul

1691535470

Winters and Yonker is who you want to go to when you get in a car accident because they will take care of you and won’t let you get low balled on your settlement. I got in a car accident where my back and shoulder was injured and I was referred to a attorney named Trevor. I appreciate Trevor for handling my case and keeping me informed with all the information I needed.

Sean S

1687270653

One of the best law firms in Tampa. My family was involved in a serious car accident. We went to that other personal injury firm with the two M's they were trying to make us settle the case quickly and they we're not listening to us with the arrogant attitude that they were the experts and we were just ignorant. We promptly fired them and then hired Winters & yonker. Our settlement was 5 times higher than what the MM wanted to settle for.I would like to thank Winters and Yonkers entire staff for a wonderful experience. They were all very knowledgeable and walked us through the whole process. We really felt like they cared, unlike the other firm.

Linda Robinson

1686789803

I’m giving Winters & Yonker a shout out. My mother fell in Winn Dixie afew months ago. Her first choice wasMorgan & Morgan; however, after theinterview with them they decided not to take the case. My perception was that it was not a big enough case for them. I knew that she deserved to be compensated for her injuries, and I had mad faith in Winters & Yonker from using them in the past. They not only took the case but settled it in record time. Thanks Winters and Yonker, and I like to send a special thank you to Christopher Smith, who was never to busy when I needed answers. I would recommend your law firm to anyone. I found you to be ethical, professional, and respectful to my family, but most of all you will fight for the little guy. Much love and respect. God bless you all and your families👏👏👏👏

Reuben Rodriques

1686354543

Other said it couldn't be done called your law firm and immediately you got on it impressive shocking furthermore you showed integrity did what you had to do though you didn't have to do it and I was shockingly pleased thank you you surprised me had I to choose any other law firm I would not hesitate to call you or share my experience with my friends thank you once again from me and my family amen

Hameed Owens

1684355539

PATRICK IS THE GOAT 🐐 I WAS INJURED ON A PROPERTY THAT CLAIM THEY DIDN'T COVER MY INJURY PATRICK SAID BE PATIENT & LET HIM WORK!:& HE DEFINITELY DID JUST THAT!!!: HE CHANGED MY LIFE 🐐💯

Enrique

1684002987

Myrtle Graham

1683896002

I was searching for a local car accident lawyer near me after I was rear-ended by someone earlier this month. I was being pushed around by the at-fault driver's insurance company and needed some legal help.I found Winters & Yonker Personal Injury Lawyers through Google Maps and decided to get a free consult. I called the Tampa office of this firm and talked to them about my options. I briefly told them of my situation and was connected to Bill shortly after. He was extremely informative and was very professional. By the end of the same day he had me meet with a private investigator and referred me to a chiropractor nearby. Great customer service, and I look forward to how well my settlement will turn out. I know I am in good hands!