May 25, 2022
New York, NY – Risk Settlements, which provides bespoke solutions for companies facing the uncertainty of litigation, in partnership In The House, a think tank specializing in cutting-edge issues regarding in-house legal practices, announced the results of their co-branded white paper. The white paper breaks down the findings of a nearly 200-person survey on how companies and general counsel handle litigation risk.
General counsel and other in-house leaders across more than 50 different industries were asked to respond to almost 50 questions related to their department’s litigation activities and legal spend, their tolerance for litigation risk, and their knowledge of the solutions available to help transfer risk and monetize claims, among other issues.
More than 75 percent of companies surveyed said they were very or somewhat risk tolerant. But only a handful have used litigation products to manage their costs.
“The goal of this paper was to better understand the risk-related issues facing in-house departments,” said Kevin Skrzysowski, director of Business Development and Marketing. “We learned the size of the damages is the number one risk factor for defense-sided litigation, whereas the likelihood the claim will succeed is the most important factor for affirmative claims. By learning how these companies handle risk, we can work with them to make sure they have the resources, knowledge and tools to assess and mitigate litigation outcome risk.”
Nearly 45 percent said they did not have enough resources to pursue litigation. Companies have insurance that covers litigation expenses, but very few of them are actually using their policies. Most say use insurance is used less 10 percent of the time in litigation.
“In our survey we found that most in-house counsel have a significant litigation workload and all signs point to even greater workloads in the future,” said Chris Colvin, founder of In The House. “Given our findings, it is essential for in-house counsel to better understand what options they have to help alleviate both the increasing costs and the daunting logistics associated with a larger litigation docket.”
To read the white paper and learn more click here.
About Risk Settlements
Risk Settlements provides bespoke solutions for companies facing the uncertainty of litigation. We are the leader in providing comprehensive alternative litigation strategies, including class action settlement insurance, litigation buyout insurance, judgment preservation Insurance, adverse judgment insurance, litigation funding and claim monetization. Our team of experienced former litigators, insurance professionals, and risk mitigation specialists helps companies remove the financial and operational volatility arising out of litigation by transferring the outcome risk. To find out more, please visit www.risksettlements.com.
About In The House
In The House was founded in 2011 with the mission of helping legal departments establish best practices through research, surveys and benchmarking studies, as well as empowering individual in-house counsel to enjoy long-term career success through peer networking, education and thought leadership. Since our founding, In The House has grown our social media community to tens of thousands of in-house counsel and we have conducted numerous ground-breaking surveys and white papers on such important topics as the role of in-house lawyers in addressing cybersecurity issues, preventing and responding to allegations of executive misconduct in the wake of the #MeToo movement, the challenge of reducing spending on outside counsel, managing litigation risk and much more. To learn more, please visit www.inthehouse.org.