Navigating Illinois’ New Prejudgment Interest Statute

This year saw one of the most significant pieces of tort reform enacted in Illinois history, writes Michael Adler in his September Illinois Bar Journal article, “Navigating Illinois’ New Prejudgment Interest Statute.” On May 28, 2021, Gov. J.B. Pritzker signed into law a 6 percent prejudgment interest rate on all personal injury and wrongful death cases. Illinois joins 46 other states with some form of prejudgment interest.

Adler notes an important feature of the Illinois law is a setoff provision, which is designed to encourage early assessment of resolution and settlement negotiations. Whether you represent plaintiffs or defendants, this setoff portion of the law may have the most impact on your practice. Adler goes on to show why all civil defense and plaintiffs’ attorneys need to be familiar with the statute and be aware of how the law will impact their practice in order to advise their clients appropriately.

Read the Illinois Bar Journal article, "Navigating Illinois’ New Prejudgment Interest Statute."