Advantages of #Mediation 3 - Cost
Resolving disputes is often costly. Most obviously, parties in dispute typically employ lawyers for advice on their legal position and to represent them before other parties and the court. This makes perfect sense - law is a specialist subject and the implications can be significant - but can be expensive. I don't doubt most lawyers provide valuable and specialist advice, and it is imperative that everyone has access to legal advice and representation to protect their rights. Nevertheless, the fees associated with #mediation are usually much lower. Mediation is also typically faster than #litigation. This means less time spent away from your job or running your business. The direct cost seems obvious but is often overlooked. The additional opportunity cost - i.e. the revenue or cost savings that would have been created in this time had it not been spent on in litigation - is rarely considered but can dwarf the more obvious costs. There are also significant "softer" costs of court action: the impact of the stress on health; reputational damage of public court action; and the detrimental impact on the relationships between the parties. These can and often do add up to outweigh any benefits to litigation, even for "winning" parties. Add in court fees, expert witnesses and other disbursements and it becomes easy to see why #mediation is often the cheaper #disputeresolution option.