fbpx
News
October 25, 2018

New ILR Research: U.S. Tort System Cost $429 Billion in 2016

A new report found that the costs and compensation in the U.S. tort system totaled $429 billion in 2016, according to Law.com.

Costs and Compensation of the U.S. Tort System,” which was written by economists at the Brattle Group and released by the U.S. Chamber Institute for Legal Reform (ILR), used insurance data to approximate how much it cost to operate the U.S. tort system that year. The study also found that only 57 percent of that money goes to plaintiff compensation before contingency fees are taken out. The $429 billion figure equates to 2.3 of U.S. gross domestic product.

“Historically, we have the most expensive tort system in the world, but cost does not equal value when little more than half of each dollar goes to plaintiffs,” said ILR President Lisa A. Rickard. “Our tort system totaled about $3,330 per household—or almost double the average cost of putting gas in your car—an alarming trend when you consider that over 40 cents per dollar go to attorneys’ fees and other costs.”

calculator bankruptcy system Blog Protect the Integrity of the Bankruptcy System. Don’t Let Trial Lawyers Destroy It Other Issues Blog West Virginia Wants to Pay Jurors More---That’s a Good Thing Asbestos, Other Issues Podcasts Episode 23: Torts of The Future: Drones Class Action Litigation, Other Issues Press Releases US Chamber of Commerce Institute For Legal Reform Issues Statement on West Virginia Gov. Jim Justice’s Appointments to the Intermediate Court of Appeals Other Issues Podcasts EPISODE 21: Summit XXI: Litigation Line of Sight: Class and Mass Action Trends in Europe Class Action Litigation, Data Privacy, International Initiatives, Other Issues

Cookie Notice

By clicking “I Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

Cookie Notice

By clicking “I Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Review Settings