Mass tort leads are big business for law firms. And for good reason. Not only are they highly profitable, but there has been a 142% increase in MDLs in the civil caseload since FY12. Did you know that 10,000 to 20,000 mass tort cases are filed each year, representing thousands of people? There are five main types of mass tort claims. These include dangerous or defective products, exposure to toxic substances, defective drugs or medical devices, and natural disasters. Many of these cases result in serious injury or death.
While it’s not always the case, mass tort litigation is frequently national in scope. The relatively low cost per case acquisition and high potential revenue can be attractive. But mass tort cases can also be expensive and overwhelming for newcomers. Are you considering a shift into mass tort litigation? Here are the top considerations to make the best choice for your firm.
Do We Have the Experience & Resources?
First, determine if your firm has the experience necessary to litigate mass tort cases successfully. These cases are complex and require a deep understanding of the law. In addition, they can be long and difficult. Cases can last for years, and you must commit to the case, your clients, and the time to get the best possible outcome.
Next, you must ensure you have the resources to handle mass torts. Mass tort litigation is expensive and time-consuming. Make sure your legal team has the staff and support to manage the additional workload. That’s not to say a solo attorney or a small firm cannot handle mass tort cases, but it can be challenging.
In addition, your firm will need the financial resources to pay for experts, depositions, and other expenses necessary for successful mass tort litigation. Most mass tort cases are litigated on a contingency fee basis, so your firm doesn’t get paid unless the case is successful and your client gets a recovery.
How Will We Acquire Mass Tort Leads?
Mass tort cases are very competitive,, and finding qualified leads can be challenging. Mass torts usually have specific criteria to be met to be included in the case, and weeding out leads can become a full-time job.
Many firms have in-house marketing teams that use digital ads, social media, and television advertising for mass tort lead generation. Others do not because generating leads can be time-consuming for smaller firms or those unfamiliar with the mass tort environment.
Outsourcing can be a game changer for experienced lawyers and those new to mass torts. Whether in addition to leads generated by your firm or as your sole provider, a professional lead generation team can identify and qualify mass tort leads on your behalf, so you can spend more time doing what you do best.
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Which Cases Are Most Cost-Effective?
The timing of mass tort leads is important to consider. In many situations, the earlier in the process you can begin to generate leads, the better. It’s usually too late once a mass tort case has gone to settlement or when the acquisition costs outweigh the financial benefits.
Take an active role in researching potential mass tort cases to improve your chances of success. Budget a cost per plaintiff and understand the economy of scale for mass torts. Be prepared for the long run, as a settlement could take years to reach.
It’s always beneficial to get help. As industry leaders in acquiring high-quality mass tort leads, our expert team can help you determine the right leads and co-counsel opportunities to help you succeed. Our leads are constantly changing depending on the needs of our clients.
How Do We Collaborate with Other Firms?
Mass tort cases involve more than one plaintiff. And often, they include hundreds or even thousands. What is your litigation strategy? How will you effectively represent all of your mass tort clients?
In many cases, multiple law firms collaborate to achieve the best outcomes. Many leading law firms accept referrals as part of a co-counsel agreement. If you operate a smaller firm or want to acquire and refer the client, this arrangement can benefit all parties. Just be sure to do your due diligence. If co-counsel opportunities are what you intend to pursue, research law firms you’re interested in and understand your options before you commit to mass tort litigation.
Which Leads Are Available?
Get a free consultation with one of our experts to discuss the hottest mass tort leads and how to grow your caseload.
Are You Ready to Dive into Mass Tort Litigation?
Mass tort cases can be revolutionary to your practice. But, like all great opportunities, mass tort litigation can be challenging for some law firms. Before diving right in, ensure you have the experience, resources, and strategy to ensure success for your firm.
LeadingResponse has decades of experience in the legal industry, so we know what it takes to consistently generate high-quality mass tort leads. Plus, we are now offering mass tort retainers. If you want to spend less time acquiring clients and more time working with them, learn how we generate mass tort leads for our clients and discover how we can help make it happen. Contact our team today.