Quote of the Day - The rest of my life will be devoted to women and litigation.
According to Portfolio Media Inc.'s Law 360 Litigation Almanacs, 2008 U.S. litigation filings increased over 2007 figures by 9% to 266,398, and class actions are up 8% to 7,661.
I know you're shocked. Pick yourself up off the floor so you can continue with the next paragraph.
Here's the rest of the figures:
antitrust filings up 27% to 1,268 cases;
product liability filings (other than asbestos cases) up by 20% to 19,709 cases;
employment filings up by 6% to 31,990 cases;
intellectual property filings down by 11% to 9,210 cases; and,
securities litigation filings down by 8% to 1,459 cases.
With layoffs due to the bad economy, employment litigation cases will likely increase even more despite the attempts of the business sector to postpone business-to-business litigation to conserve cash. Product liability cases rose likely due to the claims arising out of product claims from China. Intellectual property filings decreases because the music industry slowed down its copyright violation campaign.
Securities filings decreased due to the economy as well - it's hard to blame decreased stock prices on management when every company is suffering from the same ills. Antitrust claims increased due to government prosecutions, which lawyers followed with civil lawsuits authorized by private attorney general statutes.
The rest of the cases are standard, run-of-the-mill tort cases (civil wrongs) that occur every day and aren't generally affected by the economy. That's one litigation sector that will stay flat, with perhaps a slight increase.
As cases pile up and statutes of limitations continue to run, we'll likely see more business litigation filings, too.
The fun never ends.