The personal injury business is a messy, competitive industry. While I am not involved as a lawyer nor have I been the victim of a negligent personal injury, I study and research the industry often. I mostly study personal injury law firms because I find the dynamics to be interesting. How difficult it must be to work in a field in which all of your clients have been injured; as a compassionate person (as many personal injury lawyers are), you do not want people to be hurt or injured. But as a business proposition, a personal injury lawyer kind of needs people to be injured or wrongfully hurt.
This is just one reason why the industry is interesting to me. Another reason that it fascinates me is that practicing personal injury law provides lawyers with the ability to fight for justice while still making a good amount of money. From my experience, most lawyers practice law because they want to make the world a better place — even if through just one case or client at a time.
However, a law degree is expensive — and requires an expensive bachelor’s degree from an undergraduate college. Many, many law school students have hundreds of thousands of student loans by the time they graduate and become practicing attorneys. And most new lawyers predict they will offset this debt through a high-paying job soon after graduation. But as an article in Forbes discusses, the reality for most new law school graduates is different than the reality they were promised: law school tuition is increasing while the number of high-paying jobs for new graduates is rapidly decreasing.
As a result, the few industries that have still retained the potential for high-paying jobs are increasingly competitive as more and more new law school graduates seek to stake a claim. But there are only so many personal injury accidents every year, so the clientele base is finite. Lawyers in the personal injury business combat this in two ways:
- Retaining as many clients as possible — not letting clients decide against litigating or letting clients go to other firms
- Attracting and earning new clients, developing personal injury mass torts
Of course, there are other methods to increase the profits of a personal injury law firm. But these approaches are the standard in the personal injury world.
Client retention and conversion is a difficult aspect of personal injury law; so much so, entire businesses like the legal conversion experts at Intake Conversion Experts have been built around the central premise of helping personal injury law firms retain clients through administrative support, bilingual intake services, follow-up calls, and other client contact methods.
Essentially, these businesses are staffed with people experienced in personal injury law but instead of practicing law, they work on the business/marketing side of things. They are contracted out by law firms to assist with overflow or retention.
As I mentioned before, the second way that personal injury law firms remain competitive is through taking people who have been unfairly injured by another and bringing them to the firm as clients in personal injury law. The difficulties to client conversion include hesitation to incur legal fees and overall dissatisfaction with lawyers. These concerns can be addressed through excellent legal work and a commitment to clients’ well-being.Read More