It’s no secret that mass torts are complex. But once a resolution is reached … is the complexity resolved right along with the case? For many firms, the answer is no. The often-overlooked mass tort challenge lies in the aftermath of settlement: ensuring swift and efficient client settlement payouts.
Delays in payment are a common, unfortunate occurrence that can create bottlenecks, stalling the disbursement process and causing unnecessary frustration for both attorneys and their clients.
Put simply: it’s never too early to start thinking about settlement.
The good news is that there are proactive steps you can take now to ensure that your firm is settlement-ready. The idea is to – concurrently with litigating your case – set yourself up for success so that everything can flow smoothly in the post-settlement stage.
Here are four key strategies that can help you achieve settlement readiness:
1. Prioritize data accuracy
In the age of digital information overload, ensuring that client data is accurate and complete becomes a critical first step toward settlement readiness. Even minor inaccuracies or inconsistencies can create significant delays come post-settlement time.
2. Partner with a settlement administrator
Engaging with a trusted settlement administrator early on is a crucial step toward settlement readiness. If nothing else, bringing on a settlement administrator frees your firm up to focus on the parts of litigation you actually want to focus on.
3. Embrace early engagement with a settlement planner
Settlement planning can be a powerful tool in optimizing the distribution of funds and ensuring long-term financial security for clients. Additionally, engaging a settlement planner early in the process – well before the settlement is finalized – offers several benefits including proactive tax planning, financial guidance, and claimant education.
4. Foster clear client communication
Effective communication with clients throughout the litigation and settlement process is crucial in managing expectations and minimizing confusion.
Navigating the complexities of mass tort settlement comes with a unique set of challenges. But by implementing the four key strategies outlined here, attorneys can significantly improve their settlement readiness, ensuring faster payouts and enhancing the overall client – and law firm – experience. A proactive approach toward post-settlement can improve client satisfaction and free up valuable time and resources for your firm to focus on litigating new cases.
Looking for a solution that takes care of all of the above for you? Let’s talk. Leveraging Milestone’s partners and Pathway® platform isis the most efficient way to ensure settlement readiness.
