Growth 

How a Case Evaluation Committee Could Double Your Average Settlement

Chad Dudley

Chad Dudley

Managing Partner at Dudley DeBosier Injury Lawyers

Gary Falkowitz

President at Intake Conversion Experts

Ari Kornhaber

Ari Kornhaber

EVP & Head of Corporate Development at Esquire Bank

While establishing case intake procedures and systems will yield more leads to your law firm, creating an in-house, case evaluation committee can potentially increase your average settlement significantly. However, any resulting success depends on how a law firm values its cases.

Typically, lawyers will have varying assessments on a case’s value despite being presented with the same facts of the case. The variation in dollar amounts comes down to the lawyer’s experience and risk tolerance.  One attorney could value a case at $70,000 simply because their risk tolerance is lower, and they are comparing it to previous cases with similar parameters. However, an attorney with a higher risk tolerance may value the same case at $150,000 because they see that there’s additional workup which can be done to exponentially increase the settlement value.

According to Chad Dudley, managing partner at Dudley Debosier Injury Lawyers, “As soon as you have more than one attorney in your office, there’s the possibility that they will look at the value of a case differently, and that problem exponentially increases every time you add an attorney.”

The key to leveraging an in-house case evaluation committee is to have the attorney with the highest risk tolerance on the committee set the case value. That attorney may see opportunities other colleagues overlook, which could be worked up to maximize the settlement value.

Without a committee, the law firm may miss out not only on the opportunity for more revenue, but also for the client. Additionally, higher settlement amounts could lead to more exposure in the marketplace and minimize the chance of potential clients ‘shopping’ their case around.

Establishing a case evaluation committee, where the attorney with the highest risk tolerance consults and sets case value for the firm’s cases is a key that could quickly increase revenue and growth.

Click above to watch this 3-minute video, featuring Chad Dudley – managing partner at Dudley DeBosier Injury Lawyers.

 

Meet with Esquire Bank

Learn how you can invest more case resources by leveraging case cost financing.  Schedule a no-obligation consultation with an Esquire Bank Business Development Officer today at a time convenient to your schedule.

SCHEDULE A MEETING

For more on Esquire Bank’s expertise in providing tailored solutions for law firms, please visit Esquire Bank’s resources portal, Lawyer IQ, where you can learn about growing your businessfinancing for law firmsmarketing strategy best practices, and more.

You can also register to receive the Law Firm Insights newsletter for more in-depth interviews with legal industry professionals, case studies, and resources.

REGISTER NOW

 

 

*The information provided on (or accessed through) this email is provided for general informational purposes only and is not intended as, and should not be relied on for, law firm operations, tax, legal or accounting advice. Some of the information may not be applicable or appropriate for all law firms. Please consult your own tax, legal and accounting advisors as appropriate.

Continue Reading

Growth

How Private Equity Investment is Disrupting the Legal Industry

The influx of private equity investment (PE) has had a significant impact on the legal industry, particularly in the realm of alternative business structures (ABS). Learn important insights from this blog.

Growth

The Top 3 Factors to Growing a Successful Law Firm

For contingency fee law firm owners, there are three top factors to consider for growing a successful law firm. Watch this video featuring Reza Torkzadeh, founder and CEO of TorkLaw.

Growth

Effective Law Firm Leadership: Building Growth with Vision and Culture

This blog, featuring Reza Torkzadeh, founder and CEO of TorkLaw, explores the transformative power of leading with vision and culture, revealing how it can drive sustainable growth and set firms apart from the competition.

  • Life Cycle Stage: Aware
  • Content Tier: silver
  • Content Type: webinar-short

You are now leaving Esquire Bank

https://lawyeriq.esquirebank.com

Back to Top