Verdict and settlement information key for nimble litigation management

A law firm partner cites establishing early rapport with plaintiff’s counsel as an important tactic. That step, plus “having a substantial database of verdict and settlement information for every jurisdiction are crucial to resolving litigation quickly.” (Counsel to Counsel, March 2006 at 2)

Every jurisdiction? A “substantial” database? That’s a tall order. I do not know where such comprehensive data is available, or what it might cost.

Without addressing the practicalities of the advice, the author argues that you should use the database “to evaluate claims and to set aside early reserves.” Incidentally, it is my crude understanding that a company does not need to set aside reserves unless liability and amount are reasonably foreseeable.