The U.S. Chamber Institute for Legal Reform has ranked Florida among the 10 worst states for lawsuits. The biggest concern is the huge damage awards by Florida juries. The Institute’s conclusions provide ample reason to engage in asset protection planning. Remember asset protection planning works best when it is implemented before it is needed.
Here’s a copy of the press release from the Institute and a short video from the Institute’s president.
Florida’s Lawsuit Climate Among Worst in the Nation
Seven in 10 business leaders say lawsuit climate ‘significant factor’ in determining where to expand, grow
WASHINGTON, D.C.— A new national survey released today by the U.S. Chamber Institute for Legal Reform (ILR) finds that Florida’s lawsuit climate is among the worst in the country, coming in at number 41 out of 50.
The significance of a state’s legal climate on business expansion decisions has steadily increased over the last five years. Seven out of ten respondents say a state’s lawsuit environment is likely to impact important business decisions at their company, such as where to locate or expand their businesses, a 13 percent increase from the survey results just five years ago.
“As our economic downturn has continued, a growing percentage of business leaders have identified a state’s lawsuit climate as a significant factor in determining their growth and expansion plans, and the jobs that come along with them,” said Lisa A. Rickard, president of the U.S. Chamber Institute for Legal Reform. “That makes the consequences of this survey even more significant to the economic growth of Florida.”
According to the study Creating Conditions for Economic Growth: The Role of the Legal Environment, completed for ILR by NERA Economic Consulting in 2011, Florida could save $2.8 billion in tort costs and increase employment by between .73-1.98% by improving its legal climate.
“Florida’s litigation climate can be attributed in large part to its notorious reputation for exorbitant jury awards,” said Rickard.
Harris Interactive conducted the survey Lawsuit Climate 2012: Ranking the States by telephone and online between March and June 2012. The respondents—general counsels and senior attorneys or leaders in companies with annual revenues of at least $100 million—were asked to rank states for their overall treatment of tort, contract, and class action litigation. Among other elements, respondents also ranked states for the impartiality and competence of their judges and the fairness of their juries.
See the entire 50-state list and read a full copy of Lawsuit Climate 2012: Ranking the States online at: www.instituteforlegalreform.com/states
For all media information, video clips and press releases on the Lawsuit Climate 2012: Ranking the States survey, go to: www.instituteforlegalreform.com/media
ILR seeks to promote civil justice reform through legislative, political, judicial, and educational activities at the national, state, and local levels.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.
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