Greedy Trial Lawyer
Praise For The Tort System
Category: Right On!
Unaccustomed as I am to dealing with praise of trial lawyers and their role in society, I am having trouble reacting to the love I am receiving from Jeffrey Pfeffer's article in Business 2.0.
Trial lawyer William A. "Bill" Daniels posts the entire article at the link below.
In defense of lawyers (no joke)
With fewer regulators acting as watchdogs over business, attorneys - love 'em or hate 'em - are everyone's best defense, writes Business 2.0's Jeffrey Pfeffer:Tort-reform advocates love to rail against the skyrocketing costs of litigation and multimillion-dollar damage awards, yet one definitive study from Rand showed no increase in the percentage of tort cases won by plaintiffs and no statistically significant increase in the median award paid by businesses. Comparisons with other countries can also be misleading because they have more stringent regulatory regimes.
True, regulatory agencies cost billions, and so does our legal system. But I would argue it's a pretty good deal -- simply a necessary cost of running an economy in which people rely on the promises and products of strangers.
The next time you want to complain about "frivolous" lawsuits, picture doing business in a world where promises can't be relied on and you can only deal with people and organizations you already know well. There are undoubtedly abuses and problems in our current system, but the cost of punishing malfeasance is a necessary and small price to pay for running a modern economy.
Thank you, Bill, for tipping us to the Pfeffer article. And, thank you, Jeffrey, for getting it right.
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