There are many attorney jokes and many of them are not very complimentary:
Q: So why is it that sharks don't attack attorneys?
A: Professional courtesy!
So why do we dislike attorneys? It is probably because they are very expensive and we always feel we are never in control when they spend our money. We see them as bloodsuckers extracting as much as they can from the population and living the high life in their mansions and driving around in their Porsches and Ferraris. But is this their fault? Or are they just taking advantage in our capitalist society of an opportunity that is being offered to them?
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To answer this question we have take a look at our society and understand why this opportunity exists and, more importantly, how can we keep more of our hard-earned dollars away from the legal profession. Basically, you have the right to sue anyone about anything and they have the right to defend themselves. This is where attorneys see a business opportunity. Ever seen the attorney ads on TV where they are asking if you have had a problem in the past? This is what is known as ambulance chasing. Getting hold of people that have had a problem with someone else that could lead to a lawsuit.
On the face of it, this seems pretty logical. I have the right to stand up and protect myself if I was screwed by one of the bigger guys. I can take them to court. They then have the right to defend themselves. But this is where the problem starts. Attorneys see this as a business opportunity because they know what the costs are to defend yourself. They will sue someone for an outrageous amount of money knowing that it will be cheaper in the long run for the defendant to settle the case out of court than fight it. They then collect their (33%) fee and drive home in their Ferraris.
This leads to lots of frivolous lawsuits and turns your individual rights upside down. If you are sued by anyone and cannot afford an attorney, chances are you will be found guilty...even if you are innocent. If you can afford an attorney you are still presumed guilty until you can prove your innocence, which is purely a question of the amount of money you spend and how good your attorney is. The same applies in reverse. If you are guilty you can still convince a jury of your innocence if you have the right attorney. Remember the OJ Simpson trial? This sounds like the tail wagging the dog.
A sobering fact is that we are nearly three times more likely to be sued than be admitted to a hospital. So having access to a good attorney at all times seems to be the only way we can be sure justice is served. This also applies to petty things like traffic tickets, debt collectors, unruly neighbors and even things that we purchase. Are you aware of all the rules that pertain to these things? Of course not. Only an attorney can keep you abreast of your legal rights. So how does any normal family get access to the legal profession without having to pay retainer fees of $5,000 and up? The answer is - legal insurance.
Do you have health insurance? Do you have vehicle insurance? Do you have life insurance? Do you have legal insurance? The answer to the last question is probably no even though all the other ones you probably have. The fact is legal insurance is probably the cheapest form of insurance you could ever buy but it will give you the biggest empowerment you will ever find. Having access to attorneys day and night puts you in the driving seat in many situations and will allow you to know your rights in any given situation. The statistics say that 75% of the population has a legal issue at any one time where they could use the advice of legal counsel. We just don't think so because we don't have access to the legal profession.
Did you ever buy anything and sign a purchase contract? Did your attorney review the document for you? Have you ever had a traffic ticket? Ever had any debt collection issues? Have you had your last will and testament drawn up? Did you have to short sell your house? Ever had any issues with your employer? Any issues with warranties? Problems that the kids got into? Disputes with neighbors? Considered filing bankruptcy? Anyone owe you any money? And the list could go on and on.
Personally, I have had legal insurance for more than 12 years and it has empowered me to stick up for rights that I would otherwise never have known existed. I have dealt with all of the above-mentioned issues with the confidence of knowing I had an attorney on call 24/7 all for less than $1/day. In fact, after two frivolous lawsuits I calculated it would have cost me in excess of $74,000 to defend myself. My insurance paid for everything. Not to mention the savings I have accumulated keeping my car insurance costs down by being able to fight against traffic tickets.
In my financial planning career I also learned and then taught my clients the necessity of having a last testament, a living will and a power of attorney. Many of my clients had children, some from previous marriages. In this case, it is totally irresponsible not to have these documents prepared. If something terrible would happen to both parents, who would take care of the kids? The standard answer was always an aunt or grandmother. The right answer was the State in which you live. The kids become wards of the State unless there are specific, written instructions from the parents. How long does it take to prepare these documents? Less than an hour and they are often free with legal insurance.
So do we need an attorney? The unfortunate answer is "yes", especially in this litigious society. The chances of our legal system being changed are near to nothing. Most of the lawmakers in Washington are either attorneys themselves or all of their closest friends are attorneys. We are destined to live in a society of laws and having an attorney on our side that can navigate us through the legal jungle has become an absolute necessity, not a luxury.
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