Authored By: Rob Mohr
For contingent fee law firms, high-value cases can result in large monetary outcomes for both clients and the firms representing them. However, more lucrative cases also require more attention and resources. While hourly rate firms bolster themselves with guaranteed fees regardless of the outcome, trial lawyers working on contingency risk ending up with nothing if they lose a case.
These investment-grade cases don't have to be intimidating; with smart financial moves, contingency fee trial lawyers can equip themselves with tools to make the most of their opportunities and provide the best for their clients. Here are four tips for handling high-value cases:
Approach large cases like projects
If you're trying to profit from a case with high damage potential, keeping track of the funds invested is essential. Obvious, large expenses like expert witnesses might not be difficult to spot on the balance sheet, but sustained, smaller expenses from depositions and filing documents can creep up on firms that aren't prepared. The cumulative nature of these costs means that the longer the case, the more diligence is needed financially.
By looking at high-value cases from a project perspective, your firm can pay attention to how the case costs are accumulating and better visualize the result for your firm's finances. In addition, you can track other metrics like hours worked and deadlines, opening the door to greater operational efficiency.
With our case expense tracking software, AdvoTrac®, law firms are able to track their case expenses case-by-case so they can recover the borrowing costs which makes the net cost of borrowing zero on the cases that they win.
Case reviews
In a high-value case, it's a guarantee that the large corporations and insurances companies you face in court will bring their best efforts and deep pockets to the table. When both sides are performing at their highest level, details can make a huge impact. Win or lose, there are opportunities to learn and improve hidden in every case result. Take the time to review cases after the dust has settled and see what insights appear, they may make all the difference the next time the stakes are high.
Documentation during the case process is important because the more information at your disposal, the better quality your assessment will be after the case. Building a review process into your case workflow will allow you to improve after every case and know what to do when faced with a high-value opportunity.
Employee retention
Don't underestimate the value that's already at your firm. Your employees are your most important resource, so invest in their growth and happiness. When dealing with make-or-break cases, it's helpful to have steady hands at the wheel. Be proactive in retaining your best talent so they're available and equipped for cases that matter to you and your clients. Ensure that your employees are satisfied, or even better, excited about the place they work and the people around them.
Consider investments in training/education and competitive benefits to show the people who make the results possible that they are appreciated for their excellence. Try to foster a healthy work-life balance for your attorneys and staff, so they're recharged when it's time to deliver big for clients.
Case expense financing
A great way to take the financial strain out of high-value cases is with Advocate Capital's case expense financing. Our law firm financing allows you to invest in the best for your client's cases without taking money out of your firm's cash reserves. Use your line of credit to hire the best experts to win the case. With law firm loans from Advocate Capital, you can spend less time worrying about the bottom line in big cases and more time winning for your clients.
In addition to our litigation financing, Advocate Capital offers AdvoTrac®, a revolutionary software that makes tracking case expenses, financing, and managing funding extremely simple. Anchored by a support staff of legal and software experts who understand the complexities of personal injury law, you know you'll get the assistance you need to maximize the opportunities case expense financing brings.
If you have any questions about Advocate Capital's Case Expense Financing Service, feel free to contact us. Visit our application page if you would like to apply.
