What is Case Valuation?
Case Valuation is a quantitative database backed methodology that determines the Target Settlement Amount, the Probable Verdict Amount and the probability that the verdict will be for the plaintiff (or defense).
What does the Case Valuation do?
The Case Valuation Report provides vital information about value and takes the guesswork out of managing and negotiating a personal injury case. The three most important pieces of information that the Case Valuation Report provides are (1) the case’s Target Settlement Amount, (2) the Probable Verdict Amount and (3) the probability that the verdict will be for the plaintiff (or defense).
What is the Case Valuation Report based upon?
The case Valuation Report is based upon a database that is a comprehensive nationwide compilation of more than 150,000 verified and statistically analyzed original compensatory awards rendered by juries for personal injury cases. The database includes current verdicts enabling the Case Valuation Report to reflect the most up-to-date data. The database does not include property, punitive and arbitration awards.
Case Valuation’s database is managed by powerful search, compilation and retrieval software. The database is impartial placing equal emphasis on the calculation of verdicts with no intentional bias toward extreme awards or geographic areas. The size of the database is more than sufficient to be statistically reliable well within accepted statistical standards.
Methods of statistical analysis include, but are not limited to, mean, median, mode, variance, standard deviation as well as correlation, regression and ANOVA analytical procedures.
How is the Case Valuation Report different from Jury Verdict Research?
Jury Verdict Research produces an excellent work product and is a highly recommended research source. The Case Valuation Report and Jury Verdict Research draw from the same databases. Reported findings are a function of the same statistical methodologies. For all intent and purposes, the reported findings will be the same but with two very major differences:
- The Case Valuation Report calculates and provides you with the Target Settlement Amount. Jury Verdict Research does not.
- There is no fee to you or your client for the Case Valuation Report
Both the Case Valuation Report and Jury Verdict Research present the Probable Verdict Amount and the probability of a plaintiff (or defendant) verdict. This information is invaluable should a case go to trial. However, since more than 97% of all cases do not go to trial, but rather end in a negotiated settlement, knowledge of the Target Settlement Amount is that which commands the attention and the focus of the parties during negotiations. The Case Valuation Report is the only source you can look to for the Target Settlement Amount.
How accurate is the Case Valuation Report?
The values shown in the Case Valuation Report are based upon data and statistics complied over almost 40 years. The database is monitored and statistically analyzed and supported by actuarial research on a continuous basis. The values shown in the Case Valuation Report are consistent with actual results.
When is the Case Valuation Report first needed during the personal injury case life cycle?
There are four (4) phases through which a personal injury case travels. Phase I is the Fact Finding Phase. wherein liability, causation and economic damages are determined. Phase II is the Negotiating Phase and it is at the end of Phase II where settlement occurs. When cases do not settle, they move into Phase III, the Trial Phase and possibly Phase IV, the Appeal Phase.
The Case Valuation Report is first brought into play at the end of Phase I because Case Valuation takes into consideration liability, causation and economic damages when calculating the Probable Verdict Amount and the Target Settlement Amount.
The Case Valuation Report is again brought into play just before negotiations begin in Phase II. The case Valuation Report can be used for a number of purposes, one of which is to substantiate that the settlement offer or demand is based upon an independent third party assessment and that the offer or the demand is based upon verifiable actuarial and economic data. The Case Valuation Report is put into a formal presentation report so your client can place the Report into the record as proof of good faith negotiations.
What is the main benefit my client will get from the Case Valuation Report?
The main benefit your client will derive from the Case Valuation Report is that it takes the guesswork out of determining the different values of a personal injury case; the case value at settlement and the case value at verdict. Case Valuation takes the guesswork out by changing uncertainty to probability based upon highly correlated case specific data.
Comments
*Total Case Value: Assumes a finding of 100% for plaintiff and is based upon past jury, verdicts, case-specific venue and case-specific facts and economic damage assessments.
**50% of all cases in a normal distribution fall between the upper and lower limit of the verdict range. To avoid artificially skewing results, verdicts beyond the third standard deviation from the mean verdict are excluded.
