The Consequences of Overconfidence in Assessing Your Client's Claim
October 23, 2020 – Articles
Dinsmore partner and ADR Center mediator Michael Hawkins authored the an article for the Northern Kentucky Bar Association's publication Lex Loci "What Are the Consequences of Being Overconfident in Assessing Your Client's Claim?"
When lawyers are negotiating for their clients directly with another lawyer or through a mediator, their initial proposals and counters are typically at significant odds with each other. Is it possible this is purely a negotiation strategy, or is it a result of being overconfident in assessing the client's claim? The ultimate result for a client is achieved through an objective and legitimate assessment of the claim based upon the totality of circumstances, including the facts, applicable law and objective analysis of the damages and risk.
In a University of Pennsylvania article by Chelsea Berry (2017) titled, "A Proposal to Study the Effect of Optimism, Overconfidence, and the Planning Fallacy on Lawyers' Ability to Secure Favorable Results for Clients," the author examined how overconfidence can impact decision-making. It has application to negotiations and participation in mediation.
Download the PDF of this article to read the rest and learn how to manage overconfidence to secure favorable outcomes for clients.
