Why Litigation Risk Assessment is So Darn Important for Lawyers and Mediators
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Building on their own and others’ research, they developed a simple but comprehensive framework for practitioners and parties to assess litigation risks. It involves identification of factors affecting possible outcomes at trial and probabilities of various events. It also includes careful assessments of both direct and indirect costs of going to trial, which is important because lawyers and litigants often do not carefully consider indirect costs such as litigation stress, damage to relationships and reputations, and loss of opportunities. Good LRA includes consideration of parties’ goals and interests as well as alternative ways to achieve their goals.
Michaela and Heather’s LRA framework is useful for quantifying and communicating risks and valuations so that parties can participate effectively in decision-making about negotiation, mediation, and litigation. Lawyers and mediators have ethical duties related to LRA and this framework can help them comply with their ethical obligations and provide high-quality professional service.
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