Posted by : Ed Lott, Ph.D., M.B.A.
If you’re considering a mass tort case acquisition strategy, it’s important to understand the different options and costs associated with a co-counsel agreement. A co-counsel agreement can benefit both the acquiring firm and the referring firm, and can be a lucrative opportunity for a smaller firm. However, you should consider a few factors before moving ahead with a mass tort litigation strategy. While the cost per case may be the deciding factor for some firms, others will only consider the return on investment.
First, consider the type of case you’re interested in. Are you looking for a single-case case? Or do you want to get a mass tort case docket with a dozen or 1,000 cases? A mass tort docket suggests that the attorney isn’t interested in acquiring a single case, but rather investing in a larger group of cases. As a result, it’s important to know how to properly set up your marketing strategy for mass tort cases.
Since only ten to 20 percent of actionable harm victims seek legal representation, mass tort attorneys have to compete with other firms for the same clients. Therefore, it’s important to understand the cost per plaintiff and the economies of scale that apply to mass tort cases. If you’re not sure about which one to choose, you can always start with a research of potential mass tort cases and a budget based on the costs per plaintiff.
If you’re an inexperienced firm, it’s not enough to have a mass tort case acquisition strategy. To ensure a high volume of clients, you should consider utilizing in-house marketing teams that use social media and television advertising. By communicating the benefits and costs of a mass tort case, you can gain new clients. It is important to advertise to potential plaintiffs. Often, the attorney does not get paid until the client files a lawsuit.
Once you’ve established a reputation for acquiring mass tort cases, you need to know what you’re doing. It’s important to be prepared for the long haul and make sure you’re prepared for a battle. If you don’t have the resources to invest in mass tort case acquisition, partner with a more established firm. It is always better to be safe than sorry. If you’re considering a mass-trial strategy, choose a firm with more experience.
Moreover, a mass tort case acquisition strategy must be carefully considered. A successful mass-tort case acquisition strategy should take into account the risk of the lawsuit. Although it is possible to make a big profit, it is important to note that the likelihood of a mass-tort lawsuit settling below expectations is high. As a result, you need to ensure that the company you are partnering with is financially viable.
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