Are you getting every dollar you can for your clients?
Knowing how to maximize your client’s case value isn’t always obvious or easy. But that’s what they’ve hired you to do. Here are five tried-and-true methods for accomplishing it.
- Attorney Rating System
Establish tiers for the attorneys at your firm. cj client Dudley DeBosier Injury Lawyers has become one of the largest and most successful personal injury law firms in the South. From 2009-2021, they increased their average fee to over 400%. What helped them get there are these five tiers they use to categorize attorneys and their capabilities.
- Tier 1 (Rookie)—New attorneys who require coaching and supervision on all aspects of handling a claim.
- Tier 2 (Attorney)—Attorneys who are gaining experience and are comfortable handling claims worth less than $50,000.
- Tier 3 (Litigation Attorney)—Experienced litigators who are skilled at taking depositions, motion hearings, and have trial experience. These attorneys can handle claims up to $250,000.
- Tier 4 (Trial Attorney)—Highly skilled attorneys who have won multiple jury trials as the first chair, are skilled at all aspects of litigation, and can handle claims worth up to $1 million.
- Tier 5 (Senior Trial Attorney)—Years of experience and extensive track record of success handling claims worth more than $1 million as first chair.
Ensure that all attorneys at your firm both know their ratings and have their ratings reviewed and discussed on a quarterly basis as they gain experience, knowledge, and success.
- Pareto Point Ranking System
The 80/20 rule is in effect in personal injury law. It means that the top 20% of your files should generate 80% of your revenue, and the top 5% of your files should generate 50% of your revenue. On the flip side, a whopping 25% of your file will likely have generated ZERO revenue for your firm, and the bottom 20% of your files may only generate 2% of your revenue.
Being able to accurately identify A+, A, A-, B, and C-level cases can help you determine when and where to put your time, money, energy, and resources.
- Client Communication and File Reviews
Establish a standard process for communicating with clients and making it easy for them to get in touch with your firm and their attorney. Ensure that this process and your file review plans are in writing and that everyone can check their stats at any time. Take regular snapshots of stats weekly to gauge performance, including where you’re succeeding and where you can improve.
- Valuation Committee
A valuation committee can help you ensure that you’re maximizing value on your firm’s best cases by establishing that the Minimum Settlement Value (MSV) and top value are set or determining that cases need additional work to increase value, obtain a trial date, or move towards resolution.
Each valuation committee meeting should include blind votes and value polls on cases to determine the highest and lowest value cases. Because each attorney has a different level of risk tolerance, this process helps you reach a consensus on cases and better identify high value opportunities.
- Medical Management
Know what doctors look for in different types of injuries and through various tests, including joint injuries and MRIs. Traumatic brain injury (TBI) cases are particularly important, as they often result in lifelong medical expenses and pain and suffering for victims. BrainCussion serves as an entry-level testing portal for patients and provides resources for attorneys.
We’ve Got More Tips for Increasing Your Firm’s Average Fees
These steps can go a long way toward helping your firm get every dollar you can for your clients while increasing your average fee. But these steps are just the tip of the iceberg of the changes you can implement at your firm. To learn more valuable tips for increasing your firm’s average fees, reach out to us today at askus@cjadvertising.com.
