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"Liability Costs for Small Business", a study conducted for the ILR by NERA Economic Consulting, reports that small businesses are paying the price for the legal crisis in America.
The study shows that the total annual cost of the tort system to U.S. businesses is a staggering $129 billion per year. Of this $129 billion, small businesses bear 68% of the cost, paying out $88 billion a year!
That equates to $150,000 a year for each small business. Money that could be used to hire additional employees, expand operations or improve health care is instead siphoned off to pay for legal costs.
