By conservative estimates, mass tort cases are filed on behalf of millions of people each year. Defective products usually result in serious injury or death. While most of these cases involve pharmaceutical or medical device companies, they also stem from employment claims, mass transit crashes, asbestos exposure, and more.
While it’s not always the case, mass torts are frequently national in scope. The relatively low cost per case acquisition and high potential revenue can be attractive. But mass torts can also be expensive and overwhelming for newcomers. Consider the following questions before you dive in.
Can We Handle Mass Tort Cases?
First, determine if your firm has the logistical capability to handle mass tort litigation. It can be both costly and time-consuming. The more attorneys and legal staff you have at your disposal, the easier it will be to manage the additional workload.
That’s not to say a solo attorney or a small firm isn’t capable of handling mass tort cases. In fact, if approached after careful consideration, these cases can help finance expansion of your practice.
Can We Partner with Another Firm?
Many leading law firms accept referrals as part of a co-counsel agreement. If you operate a smaller firm, or want to acquire and then 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.
How Will We Acquire Mass Tort Leads?
Your practice will need to prospect for mass tort leads. Many firms have in-house marketing teams that use digital ads, social media, and television advertising to help locate and qualify leads. Others do not, because generating leads can be time-consuming for smaller firms, or those unfamiliar with the mass tort environment.
If you are new to the field, consider buying leads from an experienced partner. With a knowledgeable marketing team identifying and qualifying mass tort leads on your behalf, you can spend more time doing what you do best.
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 lawsuit funding company Law Street Capital explains, a settlement could take years to reach.
Are We Ready to Dive into Mass Tort Litigation?
Mass tort cases can transform your practice. Understanding the money and time you’ll need to put into these cases, weighing your co-counsel opportunities, and determining your plan forward can help ensure your entry into this practice area is a success.
LeadingResponse has decades of experience in the legal industry, so we know what it takes to consistently generate high-quality mass tort leads. 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.