Lump Sum Settlement
At The Davis Law Group P.C., our attorneys will help determine whether a lump sum settlement is right for your specific case. Lump sum settlements compensate an injured employee in an agreed-upon one-time payment after a claim is filed with the Commission. Lump sum settlements, or settlement contracts, usually result when an employer is disputing the amount it owes you or denies liability for your injury in its entirety. Settling may be to your benefit, as it ensures you get some sort of compensation. Generally, lump sum settlements will extinguish your rights to future benefits.
The terms of the settlement reached between you and your employer must be spelled out on the Commission’s Settlement Contract form. The parties will present the form to the arbitrator, who must approve it. An approved settlement is binding. The Commission generally takes about two years from filing a claim to approve the settlement.
You should consult with the worker's compensation attorneys at The Davis Law Group, P.C. before entering into any sort of settlement with your employer, as the agreement shall be read thoroughly and carefully. Our workers' compensation lawyers handle cases throughout Illinois and the Chicagoland area including Cook, Lake, and DuPage Counties. Contact us today for a free consultation.