Everyone knows that as a general rule, lawsuits should be avoided. But sometimes, when you suffer substantial damage to your person or your business, or, if for some reason you feel justice needs to be done, litigation may become an attractive solution. We see this a lot in our law firm. What I would like to focus on today is the very real consequences of choosing to enter the litigation arena.
The First Litigation
First, litigation is an incredible distraction. We all have lives to live and business owners have businesses that need attention. For most people, litigation consumes their every waking moment. Families and business get neglected.
Next, litigation is emotionally draining. The peaks and valleys of the litigation process are exhausting. The consequences can be devastating to your health and well being.
Litigation is time consuming. Lawsuits require a substantial amount of preparation time and are inherently slow moving. If you sue someone or get sued by someone, plan on being in the court system for at least a year, and usually longer.
What about the expense?
Paying lawyers to fight your case for month after month is incredibly expensive. Plan on spending $50,000 to $100,000 if not more in legal fees.
And finally, there is never any guarantee of success. Consider how devastating it would be to fight a lawsuit for over a year, spend an incredible amount of money on attorneys, only to eventually lose your case and possibly be ordered to pay your opponent’s legal fees.
So you see, avoiding lawsuits is something everyone should do. Fortunately, for those who chose to pursue good estate planning, good asset protection planning, and good business planning, the threat of lawsuits can be minimized. The attorneys at Kalicki Collier help our clients achieve these goals every day. If you’d like to discuss this topic further, contact us today.