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Some trends were already becoming clear as we entered the second quarter of 2021. According to Independent Agent magazine, medical malpractice insurance rates are increasing by 10%, on average. They attribute this spike in part to larger payouts for claims and growing legal defense costs.
Wondering where your next signed retainer will come from? That person is likely typing “(practice area) + lawyer near me” into their smartphone’s web browser right now. Law firms often rely on traditional advertising to bring in new clients, including print and TV commercials.
A wave of lawsuits has already begun as claimants attempt to recoup their losses. The winter storm that pummeled Texas and Louisiana caused considerable damage. This has opened the door to water pipe damage, roof damage, personal injury, and loss-of-property cases.
Last year was one for the record books. For law firms in particular, it was a time of upheaval and adjustment. But 2020 is now history, and attorneys must forge ahead into 2021 with a caseload growth plan.