The main difference between a personal injury (PI) practice and other
law practice is that a PI practice requires money. Lawyers in a PI practice are compensated only if and when a case is won.
In a PI practice, the attorney invests time and money to prepare the case for settlement or trial. The attorney is compensated only after he/she wins the case. Aside from doing
a lot of work, lawyers do not necessarily receive payment for all the time they are working on the cases.
It is common for a PI lawyer to tap the services of physicians, accident reconstruction experts and other professionals whose expertise lie in analyzing key issues. These people are also used to testify in court. If a lawyer is juggling too many cases, he would find it difficult to manage these professionals and compensate them on time.
Money is needed for a PI lawyer to be able to manage all his/her cases. With the financial and personal risks involved, a lawyer must determine if he/she can cope with problems that may arise before launching a career on a personal injury practice.
It is more difficult to gain a positive decision in court for personal injury cases. With a lot of states having tort reforms in place, there is now a maximum limit to how an injured person can claim.
And with many insurers and corporate defendants less inclined to agree to a settlement before a trial, an injured person is more likely to resort to filing a lawsuit, a process that
will involve costs related to filing fees, depositions, expert witnesses and other court expenses for the attorney. The plaintiff may also have a long wait for the court to hand down its verdict. Due to the lengthy process, a lot of plaintiffs tend to settle for a tiny portion of what the case is actually worth.
Lawyers may feel discouraged by people’s attitudes towards personal injury cases but the benefits of obtaining a positive verdict for their cases are huge. The negative side of personal injury cases is reports on insurance frauds, scams and collusion among personal injury attorneys, physicians and their clients. On the positive side is that we are treated to a David vs Goliath scenario in court in which an ordinary person takes on and wins over big insurance companies or corporations. PI lawyers vary in personality and character but a career in personal injury practice allows you to help people who have been victimized and truly in need. Winning for the abused give lawyers the confidence and assurance to continue on with their work. If a practice is run wisely, you will be able to always enjoy moments of victories.
You can build a successful personal injury law practice without taking on high-risk cases. PI lawyers can limit themselves to routine cases that require one or two trips to the court a year. You can also opt to apprentice with a lawyer or law practice with experience in personal injury cases before launching a solo career.
After you made the decision to embark on a career on your own, keep in mind the following in order to ensure the success of your law practice: commitment to your practice; wise and sound management of your practice; allocating sufficient capital in the practice. Do not expect to amass wealth from your PI law practice. Therefore, try to invest your money in other business ventures if you want to generate other incomes. Lastly, a PI lawyer must have a genuine desire to do the right things for their clients.