In addition to their efforts in court or in negotiating deals, lawyers are often asked by their clients to assess risk and likelihood of success of various legal initiatives. These assessments may be relevant to the client’s determination of what path to take or of valuing a certain outcome (such as the risk of litigation).

The challenge is that while a lawyer can assess risk or value a claim based on her or his experience and the applicable law, there are no guaranteed outcomes. Litigation can be unpredictable, opposing parties can throw curveballs and there could be any number of unforeseen issues that change the course of a legal representation. And yet, a client is likely relying on the lawyer’s assessment.

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