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Mediations and Settlement Conferences: Making the Best Decisions
Mediation and settlement conferences are used by most of us to resolve cases without a trial. But how well do we and our clients do in those settlements? One study found that plaintiffs electing to try their cases rather than settling were mistaken at an alarming rate of 56% to 65%. Defendants did better, but they were mistaken 1 in 4 times. Why are those mistakes made? For attorneys, there are the uneasy questions, “How well am I evaluating my client’s case” and “Did I do a good job in the mediation?” There are no easy answers to these questions. But clearly evaluating cases effectively is more difficult today. This panel of preeminent attorneys and mediators will discuss best practices. While each case is unique and each attorney a true individual, the panelists will explain what seems to work best in their varying experiences. Among topics to be discussed are biases attorneys should avoid. What is meant by confirmation bias, anchoring, framing, hindsight bias and the sunk-cost fallacy? How do they play out in mediations and settlement conferences? Should attorneys adapt or ignore the statistical realities? Finally, there is an emerging body of law addressing what should be done when a party does not participate in good faith in those settlement conferences ordered by the Court. The panelists will give their views on the legal basis for emerging claims against a party for a lack of good faith participation.
2 MCLE
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