Settlement
A Level Academy Islamabad
Category
📚
LearningTranscript
00:00Going the distance in battle takes a mighty toll.
00:03In court, however, two parties can come to an agreement before they go to battle and trial.
00:08And they do this through a settlement.
00:10A settlement is the act of determining a deal or dispute between people
00:14without pursuing the matter through trial.
00:17It is the alternative to full-on litigation, which can be expensive and emotionally draining.
00:23Often, a settlement comes about when the defendant agrees to some or all of the plaintiff's claims,
00:28thus deciding not to fight the matter in court.
00:31Usually, this results in the defendant paying the plaintiff an agreed-upon amount of money.
00:36Once a settlement is finalized, so is any and all litigation on that matter.
00:41Settlements can be proposed at any time.
00:43But the sooner the settlement, the less litigation expense.
00:47Now, when it comes to the negotiation process of a settlement,
00:51you want to assess, persuade, and bargain.
00:54Assessing is where you plan and gather the appropriate information to help you bargain.
00:59This is how your leverage is built.
01:01Remember, information is power.
01:04And it's not just information about the case.
01:06It's also knowing your opponent and what motivates them.
01:10The persuading part involves strategically sharing this information
01:13in order to persuade the other side to settle in a way that's favorable to you.
01:17Basically, showing your opponent what that leverage is.
01:21And bargaining comes when actual offers are exchanged.
01:24Handling both assessment and persuasion patiently and effectively is crucial to this part.
01:31Using what you now know, come up with a settlement amount you want to target.
01:35You will also want to think of points you are willing to concede
01:38in order to get concessions from your opponent.
01:40You will also want to choose a starting number that is bigger than your target number
01:44in order to give yourself room to negotiate.
01:47Once you have that number or numbers in mind,
01:49emphasize the strongest points in your argument.
01:52And don't hesitate to mention any emotional tolls the original wrongdoing took on you.
01:57Also, ask the other side to justify any low offer.
02:01Often, these are just negotiation tactics anyway.
02:04Be careful not to bid against yourself.
02:06When you give a number, wait for a response or a counter from the other side
02:10before offering a different number.
02:12Don't let silence or impatience push you into abandoning a number
02:16that hasn't been officially rejected yet.
02:18There's also no harm in using the offer-that-is-not-an-offer
02:22made possible with a strategically placed what-if.
02:25As in, what if I offered you X amount?
02:28Would that be of interest?
02:29It could move the process forward without actually committing yourself.
02:33Negotiations can often be tension-filled environments.
02:36But if you've done your homework and thoroughly backed up your side of the argument,
02:41there is no need to be rattled.
02:43If you want to finish a battle before it even starts,
02:46LegalYou has the toolset with which you can build your ideal settlement.
02:50LegalYou. Where you are your own best lawyer.