There is the obvious point that settlements take much less time, energy, and money. Though timelines for both settlements and trials vary from case to case, settlements typically take a much shorter time to complete.
However, if a negotiation cannot be agreed upon or if there is clearly a need to go to court, pursuing a trial may be the best option to get the compensation you deserve.
Work with an attorney to help decide which option is best for your particular case. You could find yourself in a situation where a settlement could even be decided upon in the midst of a trial.