This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.

Cost Of Delay in Illinois

In Illinois, prejudgment interest on damages in personal injury and wrongful death actions accrues at the rate set by statute. The governing authority, 815 ILCS 205/2, establishes that the interest rate is 5% per year. This interest begins to run from the date the action was filed, not from the date of the injury, and applies only to the amount of damages awarded at trial. The statute does not apply to every case; it sets out specific conditions and exceptions that determine when the right to interest attaches. The worked example below illustrates how the 5% rate is calculated over time. For an estimate tailored to your case, use the DocketMath calculator.

Governing authority

In Illinois, the cost of delay rule is set by 815 ILCS 205/2. The verified packet cites 815 ILCS 205/2 (https://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=081502050K2).

Illinois cost of delay: the verified value is 5% under 815 ILCS 205/2. The verified packet cites 815 ILCS 205/2 (https://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=081502050K2).

Estimate your own result: every situation has exceptions that can change the outcome. Use the cost of delay calculator to estimate your specific figure.

This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.