〜ても仕方がない
there's no point; it can't be helped if
Verb て-form + も仕方がない / もしょうがない
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ても仕方がない has two related meanings.
There's no point: 今さら後悔しても仕方がない, "there's no use regretting it now". The action wouldn't change anything.
It's understandable, it can't be helped: 初めてなんだから、失敗しても仕方がない, "it's your first time, so it's understandable if you fail".
てもしょうがない is the casual version. Watch the も: without it, て仕方がない (N3) means "terribly, unbearably", a completely different pattern.
Compare たところで (N2), "even if you did (it'd be pointless)", which is more formal and literary. In grammar questions, the particle も before 仕方がない is the whole difference, so read it carefully.
Examples
今さら後悔しても仕方がない。
There's no use regretting it now.
一人で悩んでいても仕方がない。
There's no point worrying about it alone.
失敗しても仕方がないよ。初めてなんだから。
It's understandable if you fail. It's your first time.
今から急いでも仕方がない。
There's no point hurrying now.
怒られても仕方がないことをした。
I did something I deserved to be told off for.