Industry Analysis & Industry Trends
Personal injury claims are filed for incidents such as road traffic accidents, workplace accidents, assaults, accidents in the home, defective product-related accidents and medical malpractice. Demand for personal injury lawyers exists regardless of the economic climate, and the industry weathered the recession well. Over the five years to 2020, medical malpractice suits will likely become more common, as the US population ages. The increasing popularity of structured settlements, which enable the negligent party to pay over a period of time rather than in one lump sum, will stabilize revenue for personal injury lawyers.... purchase to read more
Industry Report - Starting a New Business Chapter
Personal injury lawyers are usually highly specialized because personal injury law is complex. A firm's reputation is important in obtaining work, and developing relationships with clients can take years. Only time and success can help overcome these barriers. Up-front spending on marketing can help attract clients; however, clients may be hesitant to work with an unseasoned personal injury lawyer. As a result, many lawyers in this field will initially partner with a more experienced lawyer or will agree to a much smaller pay cut to garner business.
The system of payment in most personal injury cases is a barrier to entry into the industry... purchase to read more