Thoughts on Current economic climate and its effect on contingent/plaintiffs law firms.

What do you think the effects of the current recession will have on your contingent fee practice over the next couple of years. Do you anticipate taking on more cases, with potential jurors being more upset with big business do you see juror awards trending upward? What impact will the weakening of the largest defense firms have on your practice?
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Answer
Gyi Tsakalakis
Chicago, Illinois
Law Marketing
773.828.8878

About
Law firm web strategy. We help lawyers understand how to grow their practices through effective web strategies. From law firm website development to search engine optimization, we can help.

I would agree with Steve.  One of the additional "unseemly" consequences of bad economic conditions, is that folks are more willing to pursue an injury lawsuit.

12/15/2009

Answer
Steven Choi
San Francisco, California
Personal Injury
415-777-4878

About
The Choi Law Firm specializes in personal injury, auto accident and wrongful death claims.

Our contingency fee plaintiff's practice usually does better in recessions for these reasons:

1.  Our costs of doing business is down:  Office rents are down, payroll is down, advertising expenses are down.  We are now contemplating a TV ad campaign as costs have dropped significantly in our area. 

2.  We seem to get more business in harder economic times. 

In Alameda County, California, jury awards appear to be trending upward, based on what I've seen and heard.  I've heard of some incredible verdicts.  My colleague recently tried a case in Oakland.  The arbitration award was $25,000 which Plaintiff would have accepted.  The Defendant rejected the award and offered $7,500.  The case went to trial and the verdict was for $360,000 which the judge left intact. 






04/07/2009