Where I'm from (Scandinavia), we have laws like that. You pay for your and the other sides legal fees.
While you rarely, if ever, see cases where losing parties have to pay millions - I personally haven't seen any like that - you can see people having to pay tens to lower hundred thousand $ in legal fees.
That can be a substantial sum for regular people, and those circumstances happen when the other party has hired in high-$$$ lawyers, and the case goes on for a while. Especially if there's multiple appeals.
Seems like that would have the undesirable effect of making large corporations untouchable by anyone except the government and other large corporations.
If you want to sue a big company for treating you poorly, you risk a very high price of you lose.
While you rarely, if ever, see cases where losing parties have to pay millions - I personally haven't seen any like that - you can see people having to pay tens to lower hundred thousand $ in legal fees.
That can be a substantial sum for regular people, and those circumstances happen when the other party has hired in high-$$$ lawyers, and the case goes on for a while. Especially if there's multiple appeals.
So there's always the risk of that.