An appeal is a request that a higher court review a lower court's decision for legal error. It adds a separate layer of time and risk to a matter that has otherwise been decided.
Appellate courts review the record for errors of law and, to a lesser extent, fact. The base rate of affirmance, reversal or modification varies by court and case type and is a primary input in pricing a judgment's residual risk.
An appeal has its own duration distribution, conditional on the route taken to it. During the appeal, a judgment may be stayed, which delays collection.
An appeal is not a new trial. The appellate court generally does not hear new evidence.
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