Wal-mart Stores, Inc. faced more than 4,800 new lawsuits in its last fiscal year alone. The sheer volume of cases against the world’s largest retailer --- a new one every two hours --- seems as overwhelming as one of its colossal super centers. Company officials estimate that at any given time they are defending against nearly 9,400 open cases!
Why is this happening? For one thing, Wal-Mart makes a lot of profit (do you?). This makes Wal-Mart an attractive TARGET. Are you a TARGET? Another reason Wal-Mart gets sued a lot is that it has a tremendous number of employees and ex-employees (do you have any employees?). Wal-Mart is highly visible (are you?) with over 4307 international locations. Also, everyone knows that the Walton family is rich and that the company has lots of assets (envy).
The attorneys that represent the plaintiffs suing Wal-Mart privately acknowledge that they only take cases that they think have an outside chance of winning. Because if they do not win, they will not get paid. Therefore, most lawyers will not take a case unless they rate their own odds of winning at least at 80%. Most lawyers also will not take a case if the defendant has little or no assets. Why? Because even if they win the case they will not get paid. Have you ever heard the expression, “you can’t get blood out of a turnip?”
Think the jury system will save you? A “jury of peers” is a thing of the past. The jury is likely to be composed of people on the bottom rungs of the economic ladder; and, when given the tools to redistribute wealth from a person with reachable wealth to somebody less fortunate, will often take the opportunity. This makes litigation too risky!
Remember not so long ago when suing someone was a last resort? Now it’s the FIRST resort! Why is this? One reason is the proliferation of lawyers (over 1 million nationwide). These lawyers need to produce business and therefore the creativity of lawsuits has become an art form.
The other side of this story is built on a foundation of attitude. People today feel that they are owed something for nothing. So, how do you get something for nothing the quickest? You sue! It is the quickest way to wealth next to inheriting it or having the government give it to you. So, how do you fight back?
First, adopt a philosophy of being more private with your personal affairs.
Here’s what can happen if you or your family is not thinking about this issue. My wife gets a call on her cell phone (I have no idea how the mortgage broker got her number) and asked for my number. Before she thought, she gave him our unlisted home number as she knew that was where I was at the moment. Then afterwards, smacked herself on the forehead when she realized what she had just done.
You don't have to be an extremist, just keep quiet about your assets and your business activities. People love to ask questions. But, just because someone asks you a question doesn't mean that you have to "spill your guts" about every little detail of your life. Men are especially guilty of this trait. We enjoy bragging to our friends about our cars, house, boat, investments and annual income.
Think about this for just a minute. Remember the saying, "Loose lips, sink ships?" Your bragging about your assets can invite a lawsuit. If you were looking for an easy target would you sue someone who you knew had lots of assets, or someone who appeared to have none? If you hire a smart lawyer, he will not recommend suing unless he can determine that there are assets to grab after he has obtained a judgment. Just because he gets a judgment against you doesn't mean that you have to pay up. You must have the ability to pay and that means with either; income, assets or a combination of both.
This may sound easy, but it all comes down to perception. And perception is the building block of a personal philosophy towards privacy. You must keep constantly aware of your need to hold personal information private. Keeping the privacy concept foremost in your mind will make it become reality.
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