Mass Torts: A Profitable Venture for Law Firms

Mass tort leads represent a significant and growing area of business for law firms, and it's clear to see why. They are not just profitable; there's been a notable 142% increase in MDLs (multidistrict litigations) in the civil caseload since FY12. Annually, an impressive 10,000 to 20,000 mass tort cases are filed, each representing a large group of individuals. These cases typically involve issues like dangerous products, exposure to harmful substances, defective drugs or medical devices, and natural disasters, often leading to serious injuries or even death.

Mass tort litigation often has a national reach, offering an attractive blend of low acquisition costs and high potential revenue. However, these cases can also present significant challenges, particularly for those new to this area of law. If your firm is considering stepping into mass tort litigation, here are some essential considerations to guide your decision.

How Will We Acquire Mass Tort Leads?

Finding qualified mass tort leads is highly competitive. Mass torts often have specific criteria for inclusion, making the process of filtering leads a significant task.

Many firms use in-house marketing strategies like digital ads, social media, and TV advertising for lead generation. However, this can be overwhelming for smaller firms or those new to mass torts.

This is where Key Legal Agency can make a significant difference. Outsourcing lead generation to professionals like us can be a game-changer, whether you're experienced in mass torts or just starting out. Our team specializes in identifying and qualifying mass tort leads, allowing you to concentrate more on your legal expertise.

Do We Have the Right Experience & Resources?

First, evaluate whether your firm possesses the necessary experience to handle mass tort cases effectively. These cases are complex and demand a deep understanding of specific legal areas. They can be lengthy and challenging, requiring a steadfast commitment to the case, your clients, and the time needed for a successful outcome.

Additionally, assess if your firm has the resources to take on mass torts. These litigations are resource-intensive, both in terms of time and finances. Ensure your legal team is equipped to manage the additional workload. While solo practitioners or smaller firms can manage mass tort cases, they can be quite demanding.

Financial resources are also crucial for covering costs related to expert witnesses, depositions, and other necessary expenses for successful mass tort litigation. Most mass tort cases operate on a contingency fee basis, meaning your firm gets paid only if the case is successful and the client receives compensation.

How Do We Collaborate with Other Firms?

Mass tort cases often involve multiple plaintiffs, sometimes in the hundreds or thousands. What's your strategy for effective representation?

Collaboration with other law firms can lead to better outcomes in mass tort cases. Many leading law firms accept referrals through co-counsel agreements, which can be particularly beneficial for smaller firms or those looking to acquire and refer clients. Conduct thorough research on potential co-counsel firms and understand your options before committing to mass tort litigation.

Which Cases Are Most Cost-Effective?

The timing of acquiring mass tort leads is crucial. Generally, the earlier you start in the process, the better. It's often too late once a case reaches settlement or when the costs outweigh the benefits.

Being proactive in researching potential mass tort cases is key. Budget your costs per plaintiff and understand the scale economy of mass torts. Be prepared for the long term, as settlements can take years to finalize.

Expert assistance is always beneficial. As industry leaders in acquiring high-quality mass tort leads, Key Legal Agency can guide you in selecting the right leads and co-counsel opportunities for success. Our leads are tailored to meet the evolving needs of our clients.

Are You Ready for Mass Tort Litigation?

Mass tort cases can significantly transform your practice. However, they come with their own set of challenges. Before diving in, ensure your firm is equipped with the experience, resources, and strategy for success.

At Key Legal Agency, we have extensive experience in the legal industry, particularly in generating high-quality mass tort leads. We now offer mass tort retainers, allowing you to focus more on working with clients rather than finding them. Discover how our expertise in generating mass tort leads can benefit your firm. Contact our team today.