As a business owner, you probably try to avoid business litigation at all costs. Business litigation is a drain on your time, disrupts your life, interferes with your daily business operations, and can take an emotional and financial toll. Despite the best efforts of businesses, sometimes business litigation becomes necessary. If you have been sued, or you need to file your lawsuit, it is essential that you choose the best possible lawyer to represent your case. You need an experienced business litigation lawyer with an in-depth understanding of your case who will advocate strongly for you throughout the entire process. Below, we have listed some of the most important things to look for when hiring a business litigation lawyer to represent you.
1) What are the Qualifications of Your Lawyer?
When you are facing business litigation, you need an experienced lawyer who is familiar with business litigation. Take time to review your potential lawyers’ qualifications. Find out how much trial experience your potential lawyer has, as he or she will need to be experienced in court should your case go to trial. While most business litigation lawsuits settled before going to trial, there is always a possibility yours will go to trial. Lawyers who have recently begun to practice may not have the experience needed to represent you in court.
2) Will Your Lawyer Listen to Your Goals and Needs?
One of the most important aspects of hiring a lawyer is to make sure your lawyer will listen carefully to your needs and goals. You want to hire a lawyer with whom you feel comfortable and who will take the time to focus on and listen to your concerns. If your lawyer seems too busy to listen, or uncomfortable when answering your questions, that is a sign that you should look for another lawyer. You need a lawyer who will quickly understand your case, listen to your goals, and explain the process to you as you go through it.
3) Which Lawyer Will Handle Your Case?
In some law firms, you may meet with one lawyer but be assigned to a different lawyer. During the initial interview, it is essential to ask who will represent you throughout your business litigation. Will your case be assigned to a less experienced lawyer or even a paralegal? If you want a business litigation attorney to handle your matter all the way through, it is important to make your expectations known upfront.
4) How Much Does the Lawyer Charge?
During your initial interview, you may want to ask how your lawyer will bill you for services. In business litigation, most lawyers will bill by the hour. Many lawyers also require new clients to provide an upfront retainer, a lump sum amount paid before they begin working on a case. The lawyer will deduct money from the retainer as he or she works on your case and bills you for the hours worked.
While it is impossible to know precisely how much your total legal bill will be, your lawyer may be able to give you an estimate. Should your matter end up going to trial, the total expenses will be more significant. However, there is always a potential that the court will award you legal fees in the end. Understanding a ballpark estimate of your legal fees will help you plan for the future.
5) What Type of Client Agreement Will You Need to Sign?
Before your lawyer officially begins representing you, you will need to sign a client agreement, sometimes called an engagement agreement. This document will state your lawyer's fee structure, the amount of an upfront retainer, and any other terms that your lawyer requires for representing you. It is important to carefully read over the document to understand what the legal representation will involve. Once you sign this agreement, you will enter into a binding contract, so ensure that you ask your lawyer to explain anything in the contract you do not understand.
6) What are the Strengths and Weaknesses of Your Case?
An experienced lawyer will be able to tell you the strengths and weaknesses of your case. Sometimes, it can be difficult to hear about your case’s shortcomings, especially when you have been wronged. However, it is beneficial to have an accurate evaluation of your case, rather than learning about the weaknesses down the road. Anytime you are involved in business litigation, there is always a certain amount of risk because there is no certainty when a case goes before an arbiter, jury, or judge.
7) What Charges Will I See on My Bill?
During your initial consultation, you can ask about what types of fees will show up on your bill. In most cases, your lawyer will charge you out early, and he or she may charge a lower fee for paralegals or other office administrative staff who work on your case. If you see any changes that you were unsure about, it is important to discuss them with your lawyer and understand the law firm’s billing practices.
8) What is the Likely Outcome of the Action?
It is impossible to predict the future, but an experienced business litigation lawyer will often be able to help you understand the likely outcome of your case as you proceed through the process. For example, if you are in settlement negotiations, an experienced lawyer will often have a feel for how the negotiations will proceed.
Contact Solomon Appeals, Mediation & Arbitration Today
Attorney Donna Solomon has decades of experience in the area of business litigation. She is board certified by the Florida Bar as an Appellate Specialist and a Business Ligitagor. She is also one of only three certified attorneys in both appellate practice and business litigation. She is a Certified Public Accountant with an MBA in Finance. She focuses on getting to the heart of the matter. Contact Solomon Appeals, Mediation & Arbitration today to schedule your initial consultation.
If you are involved in the broker-dealer industry, you will likely come across a dispute that needs resolution. What are your options as a stockbroker, investment firm, or investor? FINRA is a government authorized, not-for-profit organization that oversees broker-dealers in the U.S. and provides mediation and arbitration services. FINRA helps resolve disputes between brokerage firms, individual brokers, and investors.
Mediation and arbitration are two quick and inexpensive ways to resolve issues between these parties. When a dispute involving the business activities of a broker or a brokerage firm comes about, an investor can file a claim for arbitration or request mediation via FINRA. The incident must have happened within the last six years. If you are involved in a dispute, you may be wondering whether you should engage in mediation or arbitration. Below, we will explain some of the differences between the two processes.
Arbitration is typically cheaper, faster, and less complicated than litigation through a trial. Arbitration is more formal than mediation, and it can resemble going to court in some ways. During the arbitration process, the parties involved select a neutral third-party arbitrator. The arbitrator will work with the parties to effectively resolve the dispute at hand. At the end of the arbitration process, the arbitrator will issue a decision, also called an award. This decision is final and binding on all parties involved.
The parties select arbitrators used by FINRA. They are independent and have experience with financial disputes. While arbitrators are not themselves judges, and the arbitration process happens outside of the court system, the arbitrator’s decision is final. FINRA helps the parties facilitate the arbitration process by making a forum available according to the rules set forth by the SEC. However, the FINRA does not itself play a role in deciding the outcome of the case. The arbitration process is different from mediation and the court system because it uses rules set up by the SEC. While the arbitration process does cost money, it is often significantly cheaper than the cost of going to trial.
One of the main advantages of arbitration over going to trial involves the public nature of trials. In most cases, the arbitration process is confidential. Once the parties submit documents to the arbitrator, these documents are not made publicly available. Court filings often are available to the public. When the arbitrator reaches the conclusion of the case and makes a decision, the award is posted on the arbitration awards online database, which is publicly available.
Arbitration Decisions are Final
Sometimes, people assume that if they are not happy with the decision made by the arbitrator, they can appeal the decision in a court of law. This is not the case, however. By submitting to the arbitration process, you waive your right to have the matter heard by a judge in the court of law. Instead, the arbitrator or a panel of three arbitrators will listen to the arguments made by all of the parties involved. The arbitrator will study any witness testimony, physical evidence, or documentary evidence before making a final and binding decision. The arbitration process can take up to 16 months before the final decision is made, especially when a hearing is involved.
When the dispute involves a monetary value of over $100,000, the parties must submit to an in-person hearing before a panel of three arbitrators. When smaller claims are involved, the parties can go through the Simplified Arbitration Process, in which the arbitrator determines the case after reviewing all the materials presented by the parties. The simplified arbitration process is faster because it does not require the parties to attend an in-person arbitration hearing.
The Mediation Process
The mediation process is less formal and more flexible than arbitration. The parties involved can initiate the mediation process anytime before they begin arbitration. They can even request mediation during the arbitration process before the arbitrator makes his or her final decision. Sometimes parties prefer the mediation process because it is not as formal, and it is a voluntary process that either party can choose to stop at any time. Despite the mediation process being voluntary, it often has success—over 80% of mediations reach a resolution in which the parties agree to a settlement.
Because the mediation process is not as formal as arbitration and does not require a hearing, it often moves more quickly than the arbitration process. The arbitrator's final decision is legally binding. With mediation, the mediator does not need to make a final decision or impose a solution. The parties can choose to end mediation and not sign a legally binding settlement agreement. However, if they do reach an agreement, they can sign a legally binding settlement agreement.
The mediator involved in FINRA disputes has expertise in the subject matter involved. This helps both parties feel as though the mediator understands them. In court settings, both parties have their attorney who represents their interest. The core process is adversarial by nature. On the other hand, the mediation process is more open, and solutions face. In other words, the mediator does not work for one party or represent only one party’s interests. Instead of the mediator’s goal is to work with both parties to find a solution that works for everybody.
Attorney Donna Solomon is an Experienced FINRA Arbitrator
Attorney Donna Greenspan Solomon is a FINRA-approved arbitrator. She is also an AAA Arbitrator and a Florida Supreme Court Qualified Arbitrator. She has the technical legal skill to effectively arbitrate investment disputes, as she is certified as a Business Litigator and an Appellate Specialist with the Florida court. Contact Solomon Appeals, Mediation & Arbitration today to schedule your initial consultation.