The Benefits of Settlement
Settlement: To conclude by agreement between the parties (as defined by the dictionary).
Almost daily, I counsel my clients on settlement – should we attempt settlement, offer settlement, counter the opposing side’s offers, or reject the settlement outright. Unfortunately, most see settlement as a weakness, but settlement of a dispute can bring benefits.
Most clients don’t want to settle because they think they’re right (and maybe they are) or conversely, see settlement as an admission of guilt.
However, while settlement may not bring the client everything they wanted to accomplish in the lawsuit, it does have some great benefits, including:
- The case is over. Some cases can drag on for years, unnecessarily increasing attorney fees, costs, emotional strain, time, etc.
- The case has finality. Unless one party breaches the settlement agreement,the parties never have to see each other or deal with the other party ever again – unless the settlement agreement says different.
- The “bleeding” stops. The client can stop wasting valuable resources, namely time and money.
- The client gets something. Whether it be money, or a promise by the other side to do (or stop doing) something, or some other result. The client likely does not get everything they want, but settlement is a compromise.
Clients need to remember the economic concept of “Opportunity Costs.” In other words, by focusing on their lawsuit, the clients are unable to focus on other things – running their business, or working at their jobs, time with family or friends, vacation/relaxation, pursuing other business or personal opportunities, etc.
While settlement may not be the best solution in every case, it is a concept that should be considered. For more information on litigation, please subscribe to the Crushing Debt Podcast, on iTunes, Stitcher, and GooglePlay. If you prefer, please contact us to schedule a free initial consultation to discuss your options at 813-774-5737 or email me directly at firstname.lastname@example.org.
Shawn M. Yesner, Esq., is the host of the Crushing Debt Podcast and founder of Yesner Law, P.L., a Tampa-based boutique real estate and consumer law firm that helps clients eliminate the financial bullies in their lives. We assist clients with asset protection, the sale and purchase of real property, Chapter 7 liquidation, Chapter 13 reorganization, bankruptcy, foreclosure defense, debt settlement, landlord/tenant issues, short sales, and loan modifications in Tampa, Westchase, Odessa, Oldsmar, Palm Harbor, Clearwater, Pinellas Park, Largo, St. Petersburg, and throughout the greater Tampa Bay area.