Friday, July 04, 2014
Is £700,000.00 legal fees value for money?
Here is a post that was lying fallow in my draft box:
A Judge has expressed despair over a wealthy family that have legal fees in excess of £700,000.00 and their case is still focused on a preliminary issue as reported in The Telegraph
This is a long marriage of 43 years and involves the wife objecting to the husband gifting assets to their son which she deems unfair to her and her daughters. The husband lacks capacity and may need to be represented by the official solicitor. He is worth £50 million, so perhaps the cost of £500000 each to gain millions is a price worth paying, or maybe they just need to fight.
Litigation involves a dilemma of mindset. The wife has a claim. In simple terms her claim may be £80 out of a total of £100. She would accept £70. The husband believes she is due no more than £50 so he will risk £30 to avoid the guaranteed loss of £20. The wife will accept the guaranteed loss of £10 for the guaranteed gain of £20 in her offer. The closer the litigation gets the more likely the wife is to settle and the more likely the husband is to gamble.The dilemma of the defendant - although the risk of loss is a greater probability the thought of victory takes over.
What would you do if it was the last day of your life?
Settle or gamble?
Family litigation is a gamble.
Life is a game.
Make sure you are playing by the same rules. When the knives are out they are out and turning back can become an impossibility.
You may win but at what cost? And I am not talking about money...
What I do:
Outline the best and worst case.
Give you the odds.
Give my advice and opinion.
If you pay for advice the choice of whether you follow it or not is yours... after all it is only money.