Cutting the Cost of Business Disputes
Despite my years as a C-level executive, I never could entirely escape the practice of law, because legal disputes are now an almost daily occurrence in the business world. Disputes with contractors, employees, clients, shareholders; the list, unfortunately; goes on and on. As a business manager or owner, you also know that as soon as you pick up the phone and call your lawyer, the billing clock starts ticking at several hundred dollars an hour. Sometimes your lawyer can help you resolve issues quickly and efficiently; I certainly try to. What do you do, though, when the situation escalates? Even arbitration is an extended and expensive process, and litigation can be ruinous for all but the biggest companies. On top of the legal and professional fees, there is your time, energy and focus, taken away from running your business.
Mediation can offer a solution. In many cases, a mediation can be complete in a day, and there are studies showing it is successful 80-90% of the time. It is common, even required by the courts in some kinds of disputes, but business people often aren’t aware of it or don’t consider it as an option. I wish I had known about it when I was managing a business and that is one of the reasons I am offering it now.