[buzzsprout episode=’14066621′ player=’true’]
Annual U.S. litigation cost estimates vary wildly. Some say $250
billion, others say $430 billion. When you consider indirect costs, such
as lost productivity or economic damages, some put the costs as high
as $1.5 trillion.
According to Statista, more than $5
billion is spent on employment litigation alone, and another $4.5
billion on commercial litigation. Litigation surrounding intellectual
property, product liability, and real estate disputes, cost more than $3
billion each.
Time is also a factor. As any litigator knows,
resolution of a lawsuit can take three to five years on average. Some
cases drag on for more than a decade.
Alternative Dispute
Resolution (ADR) is increasingly attractive. Its benefits were on full
display during Covid lockdowns. It’s more convenient for almost everyone
involved, especially in cross-country or cross-border disputes.
An
important and dangerous side effect of litigation expense is access to
justice. Everyone will have disputes and conflicts in their lives, but
not everyone can afford to go to court.
More ADR is moving from
mediation to arbitration partly because of the perceived finality of
going to a panel. The American Arbitration Association says there were
25,000 ADR cases filed in 2020. Meanwhile, there are more than 400,000
federal suits and as many as 60 million state suits filed each year.
Listen to my interview with Rich Lee, CEO and Co-Founder, New Era/ADR
as we discuss hot topics and issues involving what is referred to here
as “Advanced Dispute Resolution.” Before New Era/ADR, Rich was general
counsel of a financial technology company that he helped to build, grow,
and sell. Rich serves as an advisor, board member, and investor in
technology startups and venture funds and in a leadership role in the
Economic Club of Chicago. He serves on the national Leader’s Council of
the Legal Services Corporation (a U.S. Senate-funded 501c3) and on the
board of Illinois Legal Aid Online. He has a J.D. from Loyola University
Chicago School of Law and a B.S. in Bioengineering from the University
of Illinois at Urbana-Champaign.
I hope you enjoy the episode. If so, give us a rating!
***********
This podcast is the audio companion to the Journal of Emerging Issues in Litigation. The Journal is a collaborative project between HB Litigation Conferences and the vLex Fastcaselegal research family, which includes Full Court Press, Law Street Media, and Docket Alarm.
If you have comments, ideas, or wish to participate, please drop me a note at Editor@LitigationConferences.com.
Tom Hagy
Litigation Enthusiast and
Host of the Emerging Litigation Podcast
Home PageLinkedIn
