‘Should my client accept that offer?’: A comprehensive claim valuation methodology, for advising clients when to settle (and when to keep fighting) – Hugh Stowe, Barrister, 5 Wentworth Chambers

A prudent party should settle if (but only if) the value of settlement exceeds the value of litigating. But without a rigorous methodology for quantifying the ‘value of litigating’, a party can’t reasonably make that assessment. No such methodology presently exists in general practice. This seminar presents a novel, comprehensive and practical methodology for quantifying the value of litigating and resolving the dilemma: ‘Should my client accept the offer on the table, or reject the offer and litigate?’ It comprises a 3-step valuation process, involving: 

• First, the probability-weighted valuation of uncertain monetary claims and exposures. 
• Secondly, adjusting that value by the notionally monetised value of the non-monetary ancillary advantages and disadvantages of litigation (e.g., stress, opportunity cost, reputation damage).  
• Thirdly, further adjusting that value by the notionally monetised value of ‘risk’ associated with the litigation.  

The application of the methodology generates valuation outcomes that radically diverge from the typical claim valuation intuitions of both clients and lawyers. The methodology has profound implication for litigation and settlement strategy. 

Ethical scenarios – Linden Barnes, Senior Ethics Solicitor, The Law Society of NSW 

In this session, Linden will review recent issues in ethics around settlements, focusing on:  

• Avoiding misleading statements.  
• Managing client expectations. 
• Understanding your confidentiality obligations.  

The art of the haggle – Laurence Boulle, Director, Independent Mediation Services 

Many negotiations involve a ‘haggle’, predominantly over money. This session examines the haggle from the perspective of clients and representatives, and also from that of interveners such as mediators. It defines its predictable features, considers how it can be improved and explains what to look for when the haggle becomes sticky. In this session you will learn to: 

• Prepare for and commence haggle negotiations. 
• Manage the dynamics of the process. 
• Respond to tactics and scan for underlying interests. 
• Link client choices to broader goals and find justifications for outcomes.