Since the enactment of NY’s Periodic Judgment statutes (CPLR Articles 50-A & 50-B) in 1985 and 1986 respectively, attorneys cannot know the true judgment value of their cases without first obtaining a 50-A or 50-B analysis (including an annuity quote for the future payment stream).
In this article, Using CPLR Articles 50-A & 50-B to Settle Cases, Vice President and General Counsel, Marty Jacobson reviews the importance of using an exposure based approach when formulating a demand. Across the State of NY, our clients are experiencing the difference when they engage Creative Capital to calculate the judgment cost to the defense prior to trial and “educating” defendants, carriers, mediators and JHOs of defendant’s real exposure, achieving a far more favorable settlement than would have otherwise been possible.
This approach has proven so valuable to our attorney clients in New York that we are setting aside entire days, usually once a month, where we set up shop in a law firm’s offices where partners and associates can stop in during the day for an on the spot 50-A or 50-B analysis. Those attorneys who “get it” realize that arming themselves with this information will lead to better, faster settlements. And since we never charge for any of our services, there is no downside risk to engaging Creative Capital for this work.