If you are business owner, there is always the possibility that you might be involved in a potential litigation. Whether it is you who initiates a suit against another party, or if you find yourself as a target of another, having an experienced attorney on your side can make a world of a difference. A good business litigation attorney will understand that a lawsuit is a stressful time for the client and will help guide the client through this difficult time.
Litigation can be very tough on the business, especially with small businesses that do not have the large capital for lawsuits as the bigger companies. I understand the stresses and the impact that this can have on any business. That is why it is important to assess each lawsuit to determine the best options available before moving forward.
Cost versus benefit analysis
Litigation is expensive. Depending on the complexity of the issue it can be even more expensive and time consuming. More often than not a conflict can be resolved without the need for lengthy costly litigation. My goal is to always resolve the matter in the most affordable manner. However, that is not always possible. That is why is important to discuss various elements of litigation before determining if a lawsuit is the best way to proceed. Some of the key things that you should discuss with your attorney are:
- What are the fees and expenses associated with the lawsuit: It is important to have a clear understanding of what your attorney charges and what additional costs you will be responsible for.
- Is your opponent Judgment proof: This is a very important question to consider. Just because you win a lawsuit doesn’t mean the opposition is in any position to pay.
- Likelihood for a settlement: Sitting and assessing the case and assessing the oppositions ability to go through with a lengthy trial is an important factor in determining whether they would be open to settlement.
- How much money would you collect: This is a tough question to answer because it is too early in the process. However, you should be able to acquire a ballpark figure.
- Your complete exposure: If you are being sued, it is important to determine what your total exposure is when compared to a potential settlement offer.