by Henry David, on Mar 23, 2020 12:45:01 PM
Creative ways to bring in cash to your law firm
Maximize how much you can monetize in the least amount of time! Some examples are exploring new markets, including a new product or service, or implementing new strategies to better target your audience. It's crucial to analyze how the endeavor can benefit you and comprehend the return on investments it can bring.
A great head start is to examine the buyer's persona and demographics in the areas your serve. With this, you can develop the right content that you need to include when advertising your services. As mentioned before, adding a service is one of the many possibilities available for any law firm to increase its revenue. In a world of economic uncertainty and industry of heavy bidding, pivoting in a creative way is essential to stay afloat.
It's no secret that many lawyers have created referral networks to connect people in need of law services with their participating attorneys. PIP referral is a growing trend that has helped many prominent lawyers enhance their revenue. This allows your firm to add additional streams of revenue which requires very little effort from your law firm. Whether PIP is not a service you offer or you are simply allocating your focus to other areas, there's the possibility to make endless revenue.
Our firm has helped successful lawyers make millions of dollars by simply referring medical providers that bill for auto-related injuries. This synergy with other law firms has enabled us to help generate new streamlines of revenue for them, in addition to assisting facilities in getting compensated correctly on behalf of the insurance company.
BY REFERRING A PIP CASE WE GUARANTEE THE HIGHEST REFERRAL FEE PERMITTED BY THE FLORIDA BAR.
For personal injury attorneys, this is a very direct referral if you’re already dealing with doctors and facilities on a daily basis for your existing clients. For attorneys with other specialties, this is a little different. Even if you’re an attorney specializing in immigration, criminal, business, or real estate, you all have the ability to tap into your contacts to send referrals and start collecting additional referral fees immediately. It's still keen to remain open to wealth-generating options with the simplicity of allowing us to do the legwork for you. We strive to increase our partnership with other law firms by ensuring to deliver results to all parties.
Adding different streams of income to enhance your revenue is not something new, but in tough economic times, it's something worth considering. The graph above was published by the Florida Justice Reform Institute which illustrates a growing number of AOB lawsuits in recent years. In addition, the institute reported a staggering number of over 60,000 PIP lawsuits in 2017, while in 2016 the number was half of that. The key here is to keep things realistic by looking at the trends in the market, where consumer behavior is, what the law currently endorses and what do the key performance indicators tell us.
Currently, the number of PIP lawsuits is exponentially increasing. Ride the wave and join the increasing number of law firms that are doing the same. Our longevity in the industry speaks for itself! That for us is of utmost importance to bring transparency to all parties and most importantly to guarantee that the medical facilities are compensated by the insurance company. If you have more questions and would like one of our team members to reach out to you, fill in the form below!
