A settlement can be a great way to resolve a dispute, like for instance a divorce. Going to court takes a long time and costs a lot of money. If you can settle the matter without having to go through all of that so much the better. In order to make sure that you reach the best possible deal for your client settlement preparation is critical.
Settlement preparation is basically the process of having an arbitrator decide on a settlement to a dispute rather than going through the process of a trial. Being prepared can be a huge help in making sure that your client comes out on top. The big thing that you are going to have to think about is just what needs to be resolved. In some cases this will fairly simple but in most of the cases where it gets to the point of needing to involve an arbitrator these will be very complex cases that involve a lot of issues that need to be addressed. It is important that you make sure that everything that needs to be covered gets addressed.
It is also important during a settlement preparation to make sure that you know who has authority to agree to a settlement. There is no point in getting somebody to agree to a settlement only to find out that somebody else has to approve the agreement as well. In complicated cases where there are a lot of complex financial issues in play it can be hard to determine who has the actual authority to agree to a settlement. It is important that you find out ahead of time who these people are and make sure that they are all involved in the process.
A settlement preparation is basically a negotiation, and you need to be prepared for that. You will need to know what you want to get out of the deal. You should also have a pretty good idea what the opposing side wants. From this you should be able formulate an idea on what you can realistically expect to get. You are also going to want to decide on what the absolute minimum that you will accept is so that you don't go below that. You will of course need to discuss all of this with your client beforehand to make sure they are in agreement.
The other thing that you are going to have to deal with when you are doing a settlement preparation is to plan out the details of the settlement. It is one thing to agree on how much is to paid but you also have to work out when and how it will be paid. In many cases this can be as complicated as working out the amount. This is something that a lot of people overlook; they think that once the number has been agreed on the work is over. This just isn't the case.