We’ve all heard the old saying that “time is money” but that is especially true if you are a closely held business owner whose time is already limited. Lawsuits of any kind can take up a huge amount of a business owners’ time and energy. Preparation for depositions, producing documents and being in court for days or even weeks can wreak havoc on your business. In an article published in the Spring 2011 edition of Family Business, Henry C. Krasnow explains that “Litigation is about dollars, not about ‘right’ vs. ‘wrong.”
Sometimes litigation is inevitable, and sometimes it is absolutely necessary to protect your rights. However, if you find yourself considering litigation or are faced with the threat of litigation, it is important to ask yourself three questions even before you ask if you will win or lose:
- If I fight this to the bitter end how much will it cost me in hard costs (attorney fees, expert fees, court cost, deposition costs, etc.)?
- If I fight this to the bitter end how much time will I have to devote over the life of the litigation and what is the value of that time?
- If I fight this what will be the impact on my business (both positive and negative)?
The answers may not be easy and may require that you to speak with a litigation attorney who not only understands the law but also how businesses operate. An attorney can provide guidance with respect to the litigation process and the commitment necessary to initiate or defend a lawsuit. To a business owner, litigation is not just about “winning,” it is about defining and accomplishing your goals so that you can keep your business moving forward.
Attorneys who understand your business and your goals can provide insight into the answers to these questions. If you are facing the threat of litigation or considering initiating litigation please contact our Business Law Group partner, David A. Closson at [email protected] to set up a free consultation with one of our litigation attorneys.