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Originally Posted by usaign
...Sometimes you are left holding the bag on certain things, but you just have to suck it up...
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And that is fundamentally true.
There are a number of factors that need to be thoroughly evaluated and weighed when making a decision about whether or not to sue anyone for anything:
- Liability -- are the facts and law such that there is a basis upon which to hold the defendant legally responsible. Legal liability doesn't necessarily attach to every bad outcome.
- The magnitude of your losses -- can you otherwise bear them without undue, personal financial hardship.
- Cost -- litigation is expensive. Is there a real likelihood that there will be enough money at the end of the line to warrant the expenses of litigation (attorney fees, filing fees, copying expenses, expert witness fees, private investigators, court reporters during discovery, etc.).
- Does the defendant have any money -- unless the defendant has sufficient money or assets (like insurance) from which to pay any judgment, it's a waste of time suing.
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Originally Posted by usaign
...A trial attorney requires at least 700-1000 an hour for being in a courtroom ....
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A little on the high side. IME good trial attorneys are around $400 to $600 an hour -- but it has been a few years since I've had occasion to review any bills.
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Originally Posted by usaign
...Then there is the process of collection on a settlement which is a whole other battle....
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Collecting on a settlement should never be a problem. The suit doesn't get dismissed until the settlement check has been received, negotiated and the funds deposited in your lawyer's trust account. Collecting on a judgment, however, is another matter entirely.
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Originally Posted by ScottRiqui
...Even the higher limit ($250k) probably won't be enough to cover a judgement against you in the case of a civil suit where you're found liable, but it should be enough to cover your expenses if you're found not liable.
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A primary reason to carry liability insurance is to assure there are funds available to cover you defense costs.