As a business owner the question is when you will have to face a lawsuit, not if. Lawsuits are a part of business, which is why it is so important for all business owners to plan ahead.
One decision that you’ll typically need to make, whether you’re filing a lawsuit or being sued, is whether or not to settle the lawsuit out of court. In many cases, settling a lawsuit is the best course of action, but not always. In this blog entry we look at several benefits of settling out of court – but if you’re facing a lawsuit, please be sure to consult with an experienced business attorney for specific advice regarding your situation.
Fighting a lawsuit expensive, there is no way around it. In some cases, it is smarter and cheaper to settle the case as soon as possible. You should consider the possible cost or benefit in pursuing the action against the cost or benefit of settling it. Settling a case can go a long way to keep hard-earned money in your pocket, where it belongs.
Eliminate the Unknown
For businesses the “unknown” is often the biggest threat. Settling a lawsuit will eliminate uncertainty and allow you to move forward in order to conduct your business comfortably. When you can eliminate uncertainty, planning for the future becomes much easier.
Time Is Money
As a business owner you are well aware that the one resource you can never have enough of is time. Fighting a lawsuit can take years, and during those years, you will have to spend a lot of time and energy on the battle. Settling is a much faster process that will allow you to put the event behind you so you can focus on your business and other aspects of your life. A lawsuit may not be worth the time it takes away from your business and other important aspects of your life.
With a settlement you can ensure the details of the case are kept private. When you pursue the litigation route in court, it becomes a matter of public record. Even if you win the case in the end, the information that comes to light can taint your business long into the future.
Facing a lawsuit is stressful. It can cause distractions while working and even a loss of sleep. Even if you’re confident you will win the case, it can be worth it to settle just to get the burden off your shoulders. Simply moving on allows you to focus on growing your business and is also a significant stress reducer, a fact most attorneys won’t address.
While there certainly are times when fighting a lawsuit is the smart or even necessary thing to do, it is essential to weigh your options and discuss the situation with a qualified attorney. Deciding what is in the best interest of your business, without having emotions skew your decision, is extremely critical. A seasoned attorney can help you make the right decision. If you have been sued or thinking about bringing a lawsuit, contact us today for legal consulting.