Thoroughly Analyze the Value of the Case
While a case can be valued by determining the best, worst or most likely decision of a judge or jury, that “case value” is only one factor to be considered in determining settlement value.
Settlement value should take into consideration not only the value to be received in court but also the risk of loss, the costs of litigation, lost time or productivity at work, the stress of litigation and trial and the loss of relationships.
Use the following tools to assess the settlement value of your case:
- Determine case value using objective benchmarks such as jury verdict reporters or mock trials.
- Consider subjective factors such as whether you can present good witnesses, whether the jury pool is likely to be liberal or conservative in awarding damages or the case is likely to have “appeal” to the decision makers.
- Require your client to do a realistic valuation of the costs of proceeding with litigation including factors such as court costs, attorney fees, time off work, time company employees will be distracted from their primary duties, and damage to reputation.
- Use the Decision Tree Analysis by Litigation Risk AnalysisTM to assess the true settlement valuation including costs of trial and risk of collection.
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