Over the past five years, the personal injury law industry has grown an annualized 1.9% to reach a current valuation of $38 billion.
This number comes from IBISWorld, who counts 56,494 businesses in a sector employing over 135,221 attorneys within the United States.
This immense growth has much to do with an ever-increasing number of legal cases. There is always somebody to hold accountable for personal injuries caused by road accidents, corporate negligence, and other daily occurrences. According to the latest report from the Administrative Office of the U.S. Courts, there were 81,530 cases filed in 2019.
That’s almost 18,000 more personal injury cases than in 2018 and nearly 28,000 more than the year before.
Getting into the profession is seldom easy. Many years of intense study at expensive institutes are required before finally completing your education at a law firm. Having come this far, there are several things you should be aware of.
Understanding Personal Injury Settlements
When a new case is proposed, one of the first things you’ll need to determine is whether or not the settlement is viable.
It’s important that you remain open and honest with your client. When proceeding is not an option, attorneys must explain why the case can’t be taken forward. If the settlement is possible, your judgment and experience will help you estimate the time required to reach the settlement and what the client stands to gain in the end.
This McGuire Law Firm offers a detailed look into what can be recovered from personal injury lawsuits. For instance, there are economic damages such as:
- Medical bills
- Lost wages
- Property damage
- Reduced earning capacity
Remember that your time is money and not every case is worth proceeding with. Always perform due diligence when it comes to how the case affects you and your firm. Regardless of the situation, ensuring a positive experience will help improve your reputation and achieve more referrals.
Objectivity is key when identifying who’s to blame. Clients often appear anxious and uncertain when demanding compensation when, in reality, they are the cause of their predicament. Naturally, clear signs of injury and other forms of sufficient proof are good reasons to take the case forward and be assured that it will lead to a positive outcome.
While it may seem callous to meticulously assess your client, judges value credibility when dealing with personal injury cases. If there’s any sign that the attorney is uninformed or lacking credibility, chances are that the case will be thrown out. The skill of reading people is therefore key to your success.
Some cases are fairly simple and straightforward. However, most take time to reach their settlement. This needs to be considered in terms of the financial impact and associated workload. Having more clients is great, but not when you can’t effectively manage them all at once.
At the end of the day, mastering these factors takes time and experience. Putting in the effort and learning from your mistakes will pay off moving forward.