If you're considering filing a lawsuit, you need to know what it will cost you. You might be surprised to learn that lawsuits will cost you more than just money.

Chapters:
00:00 – Don’t File a Lawsuit! Forgive and Forget
00:36 – Lawsuits cost a lot of time
01:36 – Lawsuits cost a lot of money
03:42 – Lawsuits are emotionally draining
04:32 – What happens next?

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When you tell a lawyer that you want to sue someone, they’ll usually find a reason for you to file a lawsuit. I mean, what did you expect? You’re asking the vacuum cleaner salesman whether or not you need a vacuum!

This is a conversation that I have with every client. In fact, in every single Representation Agreement, I have clients acknowledge that, “the Firm has advised me that litigation in general is risky, can take a long time, can be very costly, and can be very frustrating.”

I’m not one to shy away from a good fight but let’s talk about why you actually SHOULDN’T file a lawsuit. If after hearing this list you’re still feeling litigious, I’ll tell you what your next steps are.

Lawsuits take a lot of time

When I tell you that lawsuits take a lot of time, I mean that lawsuits can take years. Here’s a recent example. Recently, we finished lawsuit that has been ongoing for over 5 years.

You might be thinking that 5 years of litigation isn’t too bad since you probably think that it’s the attorney doing most of the work. However, the time commitment isn’t just on the attorney. When you’re in litigation, there are depositions to sit for, interrogatories that have to be answered, and documents that must be produced.

It’s not just your deposition that you have to sit for, but also the depositions of each witness and the other parties to the case. Since you know what happened during the events that the lawsuit is based on, you’re in the best position to advise your attorney when the other parties or the witnesses begin changing their stories. You can point that out on the spot so your attorney can ask additional questions.

All of this time that you devote to the lawsuit means lost time that you could use doing one of your hobbies, time away from your family, and time off work. Speaking of time off work, lawsuits cost a lot of money.

Lawsuits cost a lot of money

Before we talk about attorney’s fees, let’s discuss the out of pocket expenses that go into a lawsuit:

Filing Fee = $350$400
Process Server = $100
Transcript for Deposition = $500900/ea
Subpoenas & Costs for Records = $100/ea

Just the outofpocket expenses alone, if you just take one deposition and only send a subpoena for one set of records, will run you $1,500.00. Now let’s talk about attorney’s fees.

Attorney’s fees will vary wildly by location. Big city lawyers charge anywhere from $700$900 per hour, while smalltown lawyers charge $200$300 per hour. However, highly specialized attorneys and named partners at big law firms could have hourly rates as high as $1,500 per hour.

It isn’t just your attorney’s hourly rate that you need to be aware of though, but also the Paralegal’s hourly rate. A Paralegal’s hourly rate is also going to vary by location, but generally it is about onethird to onehalf of the attorney’s hourly rate.

I don’t mean this in a bad way, but some clients are needy and require a lot of handholding. Attorneys don’t mind taking this extra time when they get paid by the hour. So, if you know you’re the type of person that needs a lot of extra attention, then you need to factor this into your anticipated costs of litigation.

These hourly costs may not apply if your attorney is being paid on a contingency basis, meaning they get paid if you get paid. However, attorneys only take those cases if there is a guarantee of recovery from the other side (like an insurance company in a car wreck case). If your attorney isn’t taking your case on a contingency basis, then you’re going to have to pony up some cash because all attorney’s fees are paid up front throughout the case. Attorneys don’t wait to see if they might get paid.

Remember earlier how we discussed your lost time off work? That’s lost income for all of those days that you’ll have to attend court, depositions, and strategy meetings that you’ll have to take into account. The monetary cost pales in comparison though to the emotional cost.

Lawsuits are emotionally draining

Lawsuits are emotional rollercoasters. There’s a lot of anxiety that goes with finding the right attorney, paying a significant deposit to hire that attorney, and filing of the Petition.

Then, in most instances, once you come down from the anxiety of filing the Petition, then the other side files a counterpetition against you. Now, you’re not only fighting to win you...

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