Diaries
Diary 7: Bookend Offers
Bookend offers between opposing counsel
My lawyers got monies in trust (250K) and decided to spin the legal battle between me and my ex-spouse. He kept sending ridiculous offers that were sure to be rejected. They’re drafted by counsel and can represent nowhere near a bona fide offer. Neither party will agree but both sides continue the process. One side will send an unequal offer to settle to the other party and the other side refuses the offer. Both sides lose in this case. The longer the battle continues, the more the lawyers are enriched. Lawyers will talk to each other and bill the clients for the potential offers. The intent appears to be keeping me (the client) paying for as long as possible. If I knew that the lawyer would talk to opposing counsel, keep billing me for each offer, and never complete the file, I would never have hired one. This is the risk of hiring a lawyer without a plan. While the lawyer keeps billing me, I lose more and more assets. This process can continue for years while the lawyers continue to bill out the file without any conclusion date in sight.
Learnings:
Without a plan forward, the lawyers can spin you in the cycle and you can’t get out without managing the file closely. Your bills increase over time but there is no end to the legal fees. You lose your assets that were build up over your entire lifetime to try and get out of your marriage. Both lawyers send proposals back and forth that are rejected but cost a huge amount to put together. They are called “bookend” proposals as they are too far apart to settle the file.
