The short answer is YES. The nature of the risks depend on the Court (or tribunal) that you are in and the type of matter.
There are no guarantees in litigation. Yes, there are very strong cases and very weak cases, but solicitors can only provide you with advice as to the prospects of success and present your case in the best possible manner. However, the reality is that the decision will be left in the hands of the presiding judicial member, with their own view of the facts and the law.
One of the primary risks that litigants face is the possibility of an “adverse” costs order. These are costs that are payable to the other party and in addition to any costs that you have paid to your solicitors. Regulation 42.1 The Uniform Civil Procedure Rules sets a presumption that costs “follow the event”, which means that should you be unsuccessful in Court, you can expect to receive an award for costs against you, unless there are reasons to make order otherwise.