A law firm takes on people from all walks of life for many reasons. Law firms succeed and grow their practice by attracting new clients and broadening their audience. To do so, most law firms don’t just focus on one case type.
Putting all of your eggs in one basket is never a good idea, and there are some avenues litigators can take to diversify their client base. One strategy lies in getting into the mass tort space, the advantages of which will let law firms grow their practice and see more people pursue the justice they deserve.
Financial Advantages
There are many financial advantages when it comes to mass torts. Ultimately bringing several cases together into one lawsuit can increase the potential size of the settlement or verdict as damages awarded are weighted more towards significant and egregious claims. Though these large settlements come at the end of the process and are almost a certainty, there are greater advantages depending on when you get into a tort. The earlier you get into a mass tort case, the higher the risk it won’t lead anywhere with a lower cost; the later you wait, the higher the return but, the lower the risk. Understanding this will lead you to see an even greater return on your settlements.
Tax Benefits
Mass torts come with several tax benefits, primarily involving marketing efforts. Billboards, print advertisements, and even business cards are all tax-deductible, alongside fees for licensing, filing, and subscriptions. Mass torts stretching across several states can see travel expenses written off, including flight tickets, hotel expenses, or car usage. Any business-related expense can be deducted, but the scope of mass torts gives attorneys more opportunities to save extra on their taxes each year.
Connect With Other Law Firms
Mass torts can be beneficial for personal injury lawyers to expand and grow their network through relationships with referral firms. By getting involved in mass torts, personal injury lawyers attract new clients from all backgrounds, each looking for aid for their cases. Even if you don’t specialize in their case type, you can contact referral firms and build a relationship between these practices and other attorneys. The combined strength of several firms may lead to a higher success rate and result in a more significant final fee for everyone involved.
Greater Efficiency
Mass torts offer immense efficiency for personal injury lawyers and the courts facilitating the litigation. The ability to work on several cases simultaneously in one legal framework means resources such as staff, technology, and expertise are shared, greatly reducing the time and effort spent on individual cases. This grouping of common cases against a singular defendant lets litigators properly evaluate all the risks associated with the litigation and the overall success rate. Mass torts offer attorneys more flexibility to manage their cases without spending more resources and leading to a smoother, if not longer, legal process.
Help More People
Mass torts can span counties, cities, or states depending on the pool of victims, the magnitude of injuries, and the defendant’s size. The advantage of assembling all these cases into one lawsuit mass torts offer lets attorneys help more people in less time. Even as the litigation progresses and expands to inform other potential claimants or more criteria are made available, more victims can be brought into the lawsuit and pursue justice. This opportunity can’t be found in other class-action cases and is one of the major pros for lawyers specializing in mass tort litigations.
Why Mass Torts Are Important
Mass torts can change the world by holding companies or individuals accountable for their actions and costs when their products or services cause harm. This sends a strong message to companies and individuals that they cannot ignore safety and proper precautions with impunity. These lawsuits can lead to improved safety standards, increased transparency, and stronger regulations to prevent future incidents and provide restitution to the victims, help facilitate long-term medical care, and provide for families through large settlements. All of these lead to powerful, positive societal transformations that impact everyone and bring us closer to a world without corporate negligence.
Broughton Partners & Mass Tort Marketing
What’s just as important as mass torts is how to market them to as many people as possible. Casting a wide net can bring in many potential claimants and generate more leads. Luckily, Broughton Partners makes this whole process easy.
Created to address these marketing concerns, Broughton Partners builds connections between you and claimants by reaching out through several avenues, such as television, radio, and social media. Through our in-house 24/7 call center, these leads are then screened for eligibility using criteria created with leading litigators. They are delivered to your firm without any additional work on your part. Even if you don’t take a specific case type, we can help contact another firm specializing in another field, creating a network between claimants, referral firms, and you.
Our process gives claimants more power to find legal aid and lets you help more people in less time. Complete our online contact form or call us at (800) 949-8904 to know more about our services today.