Ch. 1: Understanding the Laws behind Trademarks, Copyright, Fair Use, and Work for Hire
Pt. 1: Media Liability 101: Why Lawsuits Cost So Much
Undoubtedly, media liability lawsuits can get expensive in a hurry as legal costs add up quickly. The American Bar Association reports that the typical associate lawyer charges $370 dollars per hour, while partners bill an hourly rate of $536.
Facing a lawsuit? Be ready to pay a lawyer between $370 and $536 per hour.
If you have to hire a lawyer for just five hours of legal review, you could end up paying $1,860. And that's just five hours of work. Imagine what you would pay if a case goes to trial.
In addition to legal fees, you could end up paying…
- A judgment that awards financial compensation to the party that sued you.
- A settlement that resolves the problem outside of court and includes damages.
- Miscellaneous court costs.
- Witness fees.
Once you add up all those costs, many media liability cases can easily climb into a six-figure range. For these and other financial risks, many media professionals sign up for agency insurance. But insurance alone isn't enough to shield you from risk. In the following sections, we'll look at how your insurance and a risk management strategy can work together to reduce your liabilities and prevent you from having to pay for costly lawsuits out of pocket.
Next: Ch. 2: Copyright Infringement: Not the Highest Form of Flattery