Posted on 05/24/2015 8:14:16 AM PDT by Kaslin
Companies in the United States are now facing more than twice as much litigation as companies in other countries. That’s the disturbing finding of a survey recently conducted by the third-largest law firm in the world.
The firm, Norton Rose Fulbright, which happens to be the largest law firm in the world based outside the US, conducted a poll of more than 800 corporate counsel representing companies across 26 countries, and the results are not good for American companies or the job seekers who would like to work for them.
While the survey is performed to identify litigation trends across the world, what it reveals about America’s addiction to the legal fix should make lawmakers here sick. Nowhere else in the world does the legal system suck as much money out of the production of goods and services as it does in the United States.
It’s not getting any better, either. According to the survey, the number of US companies spending at least ten million dollars a year on their lawsuit budgets soared nearly fifty percent in just the last two years. Fifty percent!
What kind of lawsuits do companies have to spend so much time and money defending? According to the survey, a growing percentage of the legal action against companies is being brought by their own government. Consider this:
“…more US respondents say regulatory/investigations are a top concern compared with the broader sample (48 percent to 39 percent).”
In other words, half of the companies that do business in America are concerned that they’ll be investigated by a regulatory agency. Of course, this is not news to any job providers reading this. However, it may be news to lawmakers who have been elected on job creation platforms across the country because there are so few studies that compare the level of litigation in America with other countries.
In addition, the poll also reveals that:
“personal injury litigation is significantly more prevalent in the US than in other countries, with 21 percent of respondents selecting it as one of the most numerous types of cases they faced in the previous 12 months. That compares to just 15 percent in the survey overall.”
Now, it’s no surprise that the US is the most lawsuit-happy country on earth, but this survey confirms that this problem is growing faster than many have believed. With the US government reporting that the economy slowed to a crawl in the most recent quarter, the last thing job seekers need is companies having to divert precious financial resources from job creation into fighting lawsuits.
Cringer: if you really wanted to “bring back American jobs” - this is the type issue you would jump all over.
Find the money, then sue it.
No thanks.
You can absolutely carry on about this however, because I completely agree with you.
Call Dewey, Cheatham, and Howe!
It isn't just lawsuits, it is that so many people are so busy inventing new BS to sue over.
Pistols at 20 paces (at dawn) was more civilized.
Oh, he’s on another thread, telling us he doesn’t have time for the unimportant issue of abortion...
a growing percentage of the legal action against companies is being brought by their own government.
I think we’re similar, in a wy then.
Because you say you don’t have time for the unimportant issue of American jobs.
How to run a successful business: buy low, sell high, and don’t get sued in between.
Liar.
Tort reform in the US is way overdue ... we’ve known this for at least three decades. For instance, in Britain if you initiate a law suit and lose, you pay all expenses ... meaning, whatever it cost the party being sued in lawyer fees to defend against the law suit ... it’s your dime if you are the initiator. An obvious conclusion ... it cuts out a lot of frivolous law suits.
hah, yeah, but at least he did acknowledge that some of our own liberalism, and not just China, is the problem......that is first sign of progress I’ve ever seen from him.
Okay, good point.
We, through our national manufacturing mess, have changed America into a land buying ever-more stuff made in China.
China now makes more than America.
China sold 342 billion dollars more to America last year, than America sold to China. China now has the second-largest defense budget on the entire planet. And that is growing rapidly.
Meanwhile our trade deficit is growing ever quicker. We are now more than 18 TRILLION DOLLARS in debt. And that grows every single day.
We are handing the future to a massive communist nation.
Donald Trump is saying we need to bring back businesses to America.
I completely agree with him.
We, through our idiotic political obstacles, have changed America into a land buying ever-more stuff made in China.
In creating the “public school” system, the old industrial “robber barons” yanked childhood itself up from its natural surroundings and tossed it into a utopian project, a conveniently engineered child-garden for limitless moneymaking because they were sure nothing else mattered. Our civilization died a long time ago.
But...
Contrary to common sense, job opportunities for law school graduates, starting salaries, and median salaries, have been falling, or stagnant, for at least 10 years.
“Tort reform in the US is way overdue”
As long as the trial lawyers’ lobby money doesn’t run out, it ain’t happening.
of course you do.....and you’re both wrong - because we’ve established you are an economic illiterate.
This China obsession. Any notion that Trump the magnificent is gonna swoop in and change this because he’s gonna personally sit down and hash out a deal with the Chinese Premier on trade and currency just like he hashed out a rental agreement is so childish, so shallow, so low IQ, - and is just kindergarten fantasy based on some kind of man crush.
He's a union concern troll.
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