Any time you are sued, it is an anxious time. It takes time and resources to achieve a successful outcome. Risk Retention Services understands the costs and risks of litigation, and helps its clients maintain control over it.
Lawsuits Are Expensive. Even where the insurer is paying the attorney fees and any settlement or judgment, lawsuits can be expensive. Every penny paid by an insurer will count against you at your next renewal. It is essential that all attorney tasks be specifically directed towards moving the case forward.
Settlements Are Expensive. There may come a time when it is less expensive to settle a case (and avoid additional fees, etc.) than to try the case (even when you would win at trial). This is where you need to make a business decision –
What will be the effect on my…
Settlements Can Be Less Expensive. Once you recognize that the goal should be to minimize the cost of a case through settlement, early aggressive discovery (learning the facts), will make that easier and can frequently lower the settlement amount too. Why pay for an attorney to work the case through trial, if you intend to settle it anyway?
Trials Can Be Expensive. Even when you win a case through a jury trial a lawyer must be paid to defend your case. Whether paid by you or the insurer (and eventually, it will be paid by you through premiums), legal representation is expensive. Although statistics are rarely published, we know that RRS routinely decreases legal fees through trial by 50% compared to insurer-controlled litigation. Meanwhile, RRS achieved defense verdicts 93% of the time compared to the national average of 55%.
Trials Can Be Less Expensive. Savvy plaintiff lawyers know which companies settle their claims. And they know which companies aggressively defend their claims. They are far less likely to bring a dubious claim against a company that they know will defend through trial, than against a company which they believe will, eventually, settle.
In America’s capitalist system, and plaintiff’s attorneys are good capitalists – profit is always the primary goal. When they learn that they will need to work hundreds of hours, pay for experts, go through a trial, and then likely lose, eventually they get the message: Do not bring a dubious claim against that company. Most companies that use Risk Retention Services to handle their claims see a precipitous decline in claims brought and an even greater decline in litigation filed against them. Insurance premiums also fall substantially and in the case of one product manufacturer, although sales increased their premiums were reduced by over 60% during a five year period. An aggressive defense pays for itself in both the short and long term.
Risk Retention Services is expert at litigation management. We have a hands-on approach, ensuring that tasks are performed on a timely basis and within budget. We know how long things take and how much they should cost, and manage our cases to maximize results while minimizing the cost.
Our job is to add value to your company. This is done by protecting your reputation, and resolving cases, within your business plan and goals. We do it in a manner that will decrease costs to you in both the short and long term.
