The possibility of improvement is there. However most of the time, when tinkering with the legal system, society is attempting to solve the wrong problem. While agreed dispositions and non-judicial dispute resolution techniques are fine to keep cost down and quicken results, the right of a litigant to his or her day in court is the highest right any citizen has. It is the right that protects all other rights. It should be handled with care.
Lawsuits are bad.
As Justice Brandeis said long ago, a lawsuit is the alternative of force. It is the alternative of the gun battle in the street. Imagine trying to settle a dispute by duel or insurrection. It was not that long ago that duels were an accepted method of dispute resolution. The legal system is the last bastion of civilization.