No, really.
What's your bottom line?
We're friends, tell me.
I'm not going to tell the insurance company.
Just tell me what your bottom line is.
You want to learn what this negotiation tactic
is designed to do?
Come join me as I share with you this great
information.
Hi.
I'm Gerry Oginski.
I'm a New York medical malpractice and personal
injury trial lawyer practicing law in the
state of New York.
This is one of the oldest tactics in the book
to negotiate.
The defense attorney comes to you as a trusted
friend and says, "Hey buddy, listen.
Give me your bottom line number that you need
in order to settle this case and I promise
I'll go back to the insurance company and
I'll negotiate but I won't tell them your
bottom line number."
You want to know why you never, ever tell
the defense attorney your bottom line number?
Because what will always happen is that now,
if I go ahead and divulge our bottom line
settlement number, he'll go back and tell
the insurance company and now if they are
inclined to go ahead and settle this case
they may offer a significant amount of money
that comes close to that bottom line settlement
number.
They're not going to get to that number.
In fact, they'll come in with something under
that number.
So now what you've done is you've just short
circuited the whole process and you've now
destroyed the opportunity for you to go ahead
and have any wiggle room in your negotiation.
So disclosing to the defense attorney exactly
what your bottom line number is -- even if
he's a good friend of yours -- you run the
real risk they're going to come back and say,
"Okay, you wanted $2 million dollars as your
bottom line number?
We have the ability now to settle this case
for $1.7 million dollars."
Now you turn around and say, "Wait a second.
I told you what my bottom line number was.
It was $2 million dollars.
You're coming back to me with $1.7?
This can't happen."
And now a strategic decision has to be made
with you and your client about whether or
not to proceed forward over a difference of
$300,000 dollars and now you're stuck between
a rock and a hard place.
You've already divulged what your bottom line
number is that you're willing to accept and
here the insurance company comes in with a
very significant offer that's very, very tempting
and it's very close to your asking number.
However, now you're at a disadvantage because
now you've given away any ability to negotiate.
And if you say no, then you have no choice
but to go to trial.
If you say yes, you've now given up the opportunity
to try and get more for your client.
So now you're in a very precarious position.
The better alternative would be to tell the
defense attorney during the course of negotiations
s "Listen.
My bottom line number is..." a number above
what your true bottom line number is.
And this way, when they come back with whatever
they believe their top number is, now you
have some room to negotiate.
So that's why you have to be very weary during
the course of negotiations when the defense
attorney or even the judge during a settlement
conference says what's your bottom line number?
And you have to truly understand is this somebody
who's going to take this information back
to the insurance company and now short change
you?
Or if they do have that money and they do
want to settle this case, are they going to
come back and say "Okay, we've got $2 million
dollars.
This case is settled."
So it's a very fine line being able to judge
who you can tell and who you can't tell.
So why do I share this great information with
you?
I share it with you to give you an insight
and an understanding into what goes during
the settlement negotiation process in the
state of New York involving a medical malpractice
case, an accident case or even wrongful death
case.
You know, I realize you're watching this because
you probably have questions or concerns about
your own particular matter.
Well if your matter happened in New York and
you do have legal questions, what I encourage
you to do is pick up the phone and call me.
I can answer your legal questions.
You know, this is something that I do every
single day and I'd love to talk to you.
You can reach me at 516-487-8207 or by email
at Gerry@Oginski-law.com.
That's it for today's quick video.
I'm Gerry Oginski, have a great day!
