While practically nobody would dispute that there is a Year 2000 (Y2K) problem with software, and by extension with computers and communications at large, there is a wide range of opinions on how critical will be that problem. Opinions vary widely and there is no way to check how reasonable they are because there is no precedent and no facts against which to gauge them. The focal point of this article is litigation, which will, in all likelihood, go well beyond year 2000. This is the first event for which industrial companies and their lawyers, as well as insurers, bankers and other professionals know in advance when it is going to happen but not what will happen and what might be its most likely magnitude. The article reviews the current state of preparedness in terms of Y2K and offers some suggestions about what might take place after January 1, 2000.