“Settle or Try?” That is the Question Richard A. Spiers CPCU, ARM, ARe April 17, 2015
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“Settle or Try?” That is the Question Richard A. Spiers CPCU, ARM, ARe April 17, 2015
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Agenda
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Introduction
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Why
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Why Not
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What If I Do
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What If I Don’t
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Making the Decision
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Possible Ramifications
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Wait, We Did Nothing Wrong
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Auto Losses
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General Liability
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Employment Matters
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Zoning and Land Use
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Sex Mol
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Police Matters
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FAQs I Receive
Why Should We Have to Pay???
A Public Apology, For What?
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Why Try?
Sometimes a Trial is the Only Alternative
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Large Demands
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Unclear and Unproven Facts That Sound Bad
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Damages
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Larger than Expected or
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Seemingly Unrelated to the Occurrence
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Uncooperative Showboating Attorneys
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Why Not Try?
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Economic Reasons
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Negative Publicity Potential
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Surrounding Issues
Important Issues to Consider
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Your Reputation
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Plaintiff Attorney’s Reputation
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The Venue – State and Federal
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Immunities and Tort Caps
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Cost of Defense Through Trial – Get a Budget
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Verdict Potential – Check for Prior Similar Trial Outcomes
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Emotional Aspects
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Local and National News
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Your Reputation
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Publicity Surrounding Initial Occurrence
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Previous Similar Situations
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Politics
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Overall Economics
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Plaintiff Attorney’s Reputation
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Well-Known Plaintiff Attorney Can Raise Value of the Case
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TV Commercials – Public Knows Them
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Highly Publicized Large Verdicts
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State or Federal Venue
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Jurisdictional Hell Holes
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State Laws
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Federal Aspects
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Attorney Fees
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Jury pool
Will Immunities and Tort Caps Apply?
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On Paper
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They Should
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In Reality
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They May Not
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Waivers
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Think About How Others Will See Your Behavior
Verdict Potential
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Anything Can Happen
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Venue
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Potential Length of Trial
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Jury of Your Peers?
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Is Plaintiff Counsel Better Looking?
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How Much Will They Ask the Jury For?
Look Beyond the Lawsuit Papers
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Local and National News
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TV, Newspaper and Social Media Explosions
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Police Matters
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Government Employment Law Changes
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Abuse
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Unrelated Issues
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Higher Taxes
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Pension Problems
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Cost of Defense Resolution
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Expenses to Consider
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Attorney fees
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Expert Fees
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Employee Wages + Lost Work Time
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More than Just Dollars at Risk
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Newspaper Reports
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TV
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Social Media
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Lessons Learned From a Mock Jury
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A Non Related Person’s Case Analysis
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They Can Provide Unexpected Insight
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“Federal Subsidiaries No Taxpayer Exposure in Cases Like This.”
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Who Makes the Ultimate Decision?
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Attorneys
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Adjusters
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Risk Managers
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City Council
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School Boards
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Your Analysis of the Situation Matters
Possible Ramifications of a Trial
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Media Attention
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Would You Rather Explain a $100,000 Settlement or a Million Dollar Verdict?
Blame Your Carrier
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Will a Large Verdict Set a Negative Precedent
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Do You Have Sufficient Limits?
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Strategies to Consider
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Putting Real Money on the Table They Can Get Their Money In a Few Weeks, Rather Than a Few Years
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Pending Motions Can Open the Door to Settlement
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We Do Not Always Have to Wait for the Decision
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Offers of Judgment Before the Settlement Meeting
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Mediator Choice
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Learn What You Can About the Plaintiff and Family
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Develop a Starting Position and Where You Should Stop
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Obtain a Demand Alternative Dispute Resolutions
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Structures
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Contact Information:
Richard A. Spiers, CPCU, ARM, ARe Genesis Management and Insurance Services 1 N. Wacker Drive Suite 1750 Chicago, Illinois (312) 526-7566 [email protected]