After the BP Emergency Claims deadline run out on November 23 2010, the next thing there is to do is to negotiate an oil spill settlement with BP. When it comes time to make an oil spill settlement for your lost future income, there are some very complicated rules and guidelines that needs to be followed. I would suggest that you at that time contact and oil spill lawyer.
Oil spill settlement Process
In the oil spill settlement process you would contact and oil spill lawyer and he would sit down with you and project into the future your lost earnings or for your business lost profits because of the oil spill. There are some very standard formulas that lawyers have for this sort of thing, but if you don’t use a oil spill lawyer the number BP will try and settle for us most likely much lower than what you could get by hiring an oil spill attorney. In this final face what you would be doing is accepting a final claims payment from BP meaning you can never go back and sue for any other thing related to this BP oil spill, so you want to make sure the money are absolutely right for your and your family or your business. Don’t be kicking yourself in 1 year when the oil spill affects are still felt on the tourism and the business is not running good.
It could be your attorney can reach a good oil spill settlement with the BP Fund and you don’t have to wait for your money, and you can go on with your life, but chances are at this stage of the game BP will try and get most cases settled for pennies on the dollar as they expect people to want to get money now and not wait years for an oil spill lawsuit to play out.
Working an oil spill settlement with a lawyer.
So when you first meet with your oil spill lawyer you will just settle the payment structure of the lawyers fees representing you in a possible oil spill lawsuit, normally it will be 10-15% of you total BP Claim if no oil spill lawsuit is need and 20-25% if the case goes to trial. Remember you don’t have to pay any money up front and the oil spill lawyer does not get paid before you get paid so in this way it will work great for you. After you guys settle on a payment fee, its time to get all your paperwork in line and the lawyer and his paralegals will help you get everything set and they will file the final claim for you asking for an amount you guys have agreed on with foundation in your paperwork.
After you have filed your final claim with BP all paperwork goes though your attorney and he will report back to you with the answer to your final claim from BP, and at this stage I expect negotiation to see if an agreement between what you feel you are owed and what BP is willing to pay. If there is a middle number you all can agree on great if not, it goes to trial.
Oil spill settlement and trial
If the attorney is asking for 20-25% if the case goes to trial, remember to put in the contract that if your case is grouped with other cases your fee should be lower as the attorney can now split out the trial fee on multible people, if the attorney goes to trial with only your case he fee is probably fair at 20-25% of your total claim recovery but if there are 100 people having the same case, the 20-25% from each oil spill victim is not fair. So make sure you make that clear up front with the attorney.
If you are looking to get a big BP oil spill settlement contact and oil spill attorney before your ask BP for a final claims payment