The main components to a successful negotiation are:

Plan and prepare ahead of time. Consider your negotiating strategy and your ultimate value proposition. Manage the expectations of your client and all interested parties. Surprises may be fine at birthday parties, but they are unwelcome in litigation. Keep your client engaged and informed throughout the process. If applicable, consider filing dispositive motions or an offer of judgment to create pressure and risk. Further, consider seeking the appointment of a court-appointed guardian ad litem when warranted.
Gain and maintain credibility with your opening offer. Don't get stalled on the demand. An intellectually honest evaluation will provide your value proposition. Stick with it. Have a basis for your opening offer. It is important to develop a game plan and negotiate to your Don't base your offer on what others are doing.
Be principled, professional and reasonable. Make concessions when necessary and maintain your position as a "truth-teller." Failure to do so runs the risk of undermining your credibility with opposing counsel, co-defendants and the mediator.
Attempt to work with, not against, opposing counsel. When the case involves a catastrophic personal injury, consider retention of a structure broker to make offers that will fund life care plans and future needs.
Continually follow up. Most cases don't resolve with a single phone call or even a single day of mediation. Be persistent. If your opponent has made a reasonable request for information, provide it. If there is an outstanding question to be answered, answer it. Through your analysis, you've determined that the case should be resolved. Don't let the opportunity disappear to resolve the case at your value.

Recognizing and resolving a catastrophic case can be challenging. Engaging in an intellectually honest evaluation, establishing a pathway toward resolution and sticking with your evaluation are key components to a successful outcome.

Special Reports /

Key considerations for addressing & resolving a catastrophic insurance case

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