Law firms will face economic headwinds, technology changes, and an evolving competitive landscape in 2024. There are also plenty of potentially profitable opportunities.
Having collaborated with over 2,000 law firms, reviewed over 100,000 referred cases, and paid out millions in referral and co-counsel fees in 2023 alone, we at Morgan & Morgan have learned a great deal how we can partner with other law firms to help boost everyone’s bottom line. These are the programs we built around it.
Identify Hidden Value with Turn Down Review
Law firms turn down cases every day. And with each turn down is the possibility of overlooked case value.
The reasons why a law firm turns down cases may be numerous. An intake manager may believe the damages insignificant, the insurance coverage insufficient, or the liability unclear. Perhaps the details of the case were poorly communicated by the potential client. Sometimes, cases are turned down when they are outside a law firm’s area of practice, jurisdiction or case criteria.
These are all potential lost opportunities.
Many firms spend a significant amount on advertising. An incorrect turndown or a turndown that could have been referred or co-counseled with another firm is a waste of those hard-earned funds.
Over the decades, our intake department has developed a process to qualify cases and built an experienced team dedicated to taking a second look at cases that may otherwise be missed. In 2023 alone, our team has vetted over 100,000 referral and co-counsel leads, leading to nearly 20,000 retainers that may have been overlooked.
Our simple automated referral process allows you to seamlessly submit cases while our intake team utilizes our proven method to carefully screen these potential turndowns. And for each successful case, the originating firm receives a fee.
Our suggestion for your 2024 new year resolution? Send every potential turn down to Morgan & Morgan for a second look.
Never Overlook the True Potential Value of Cases
Estimating the true potential value of a high value legal case is difficult. Often the bigger a case, the greater the complications and higher the risks.
Many factors – from the type of claim, the strength of the evidence, the damages sought, the jurisdiction, and the likelihood of settlement or trial – all impact how a case might be valued. Other aspects of the case, like contradictory evidence or unreliable witnesses, could further complicate the determination of its worth or whether or not to move forward with litigation.
CaseWorth by Keith Mitnik is a resource designed to evaluate the potential value of a case. Led by legendary trial attorney Keith Mitnik, the CaseWorth team applies a proprietary strategy developed from decades of experience and thousands of cases to conduct a thorough review and provide an estimated value of any given case. This is an exclusive free tool available to our network, with no cost and no obligation. Once you receive the case evaluation, you can choose to explore a referral or co-counsel relationship with Morgan & Morgan.
Diversify Your Income with Co-Advertising
Diversifying revenue streams is a crucial strategy to increasing profitability and achieving sustainable long-term growth.
Investing in co-advertising for single-event or mass tort cases offers an alternative reliable source of revenue. When a firm invests in co-advertising for single-event cases like auto accidents and slip-and-falls, returns can be enjoyed as soon as each case resolves.
Mass tort advertising represents another opportunity.
By choosing Morgan & Morgan and our deep experience with successful mass tort cases, the partnering firm then 1) taps into a pool of litigators, who often hold leadership positions in the largest mass tort cases and 2) gains access to advanced tools that provide invaluable insights when selecting those mass torts with the highest chance of a strong ROI and 3) takes advantage of our deep marketing expertise and national brand.
Referral Income: A $2.25M Million Case Study
The jury awarded Thomas Freitas $2,500,000, with a referral fee of $240,000 sent to the referring attorney. It can be that simple.
Here’s the story.
Thomas Freitas was riding his motorcycle when a truck rear-ended a vehicle in the opposite lane of traffic, forcing it into oncoming traffic and hitting Thomas. He went flying in the air and was taken to the hospital by first responders. His helmet saved his life, but he was left with neck injuries and a TBI.
While in the gurney at the hospital, Thomas recalls looking at his battered helmet and realizing that his life would never be the same. It wasn’t. An active man in his early 60’s, the accident forced Thomas into early retirement and aged him considerably.
Thomas hired a lawyer immediately to fight for justice, but the lawyer sadly passed away before the case could be filed. His partner recognized the value of the case and needed more support to ensure Thomas would get the result he deserved. He reached out to Morgan & Morgan, and attorney Tony Bennett responded to the call.
With no offers from the insurance company at all, Tony immediately filed the case. The woman who was initially rear ended was already in litigation with the truck company, a helpful factor in Thomas’s fight. With the delay in filing, Tony and his team had to quickly gather all the evidence and organize it for the defense quickly.
With the underlying policy of $1 million never tendered and the umbrella carrier sitting on the sidelines, the defense’s lack of movement was unnerving for Thomas. With the defense trying to wear the client down, the Morgan & Morgan team was only more geared up to secure Thomas what he deserved.
Kicking Off 2024 Right
Whether it’s looking through existing inventory, creating a co-advertising campaign, or simply referring a case outside your firm’s practice area, there are multiple ways to earn income on the calls you take for the cases you can’t. Being creative about expanding revenue streams provides a wider path to firm growth. This new year, consider the many ways you can earn more.
Want to chat with us about referring or co-counseling cases with Morgan & Morgan? Email us at info@themorganconnection.com.
Cases will be handled by attorneys licensed in the local jurisdiction. Any attorney appearing in this ad may not be licensed in the local jurisdiction. Cases may be associated with, or referred to, other law firms as co-counsel or referral counsel in this and other jurisdictions. Prior results do not guarantee a similar outcome.
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