Financial Settlement Conferences
Often times after a case has been litigated and one party won and one lost, a financial settlement amount has to be negotiated. This applies to medical, business, inheritance or accident situations. Mediation among the primary parties involved can often lead to a quicker, fairer settlement figure than traditional litigation with a judge or jury deciding. Although mediation is voluntary, the agreement becomes binding once both parties have agreed. In mediation, other factors are permissible as well, such as an apology. The power of a sincere apology is enormous and often leads to the conclusion of a case. Unfortunately, apologies don’t really enter the courtroom during traditional litigation. If all fails, the parties may return to court for a “de novo” hearing. Whatever was discussed and admitted in mediation does not become part of any further litigation. Therefore, the risk to try mediation is really non-existent, but the potential rewards significant.