Personal injury litigation has shifted as plaintiffs’ lawyers gain capabilities that can match or exceed those of many defense firms. Historically, defense firms benefited from insured defendants, carrier payment of most legal fees, hourly billing with regular monthly payments, and larger firm size with more resources. Plaintiffs’ firms often operated with fewer resources and less time, while contingency-based compensation produced little revenue until resolution. Defense firms also had incentives to delay cases to increase billable time and use that leverage to push lower settlements. The system is described as inherently unfair. Plaintiffs’ firms have since grown and become more sophisticated, reducing the earlier imbalance.
"But times are changing. Plaintiffs' firms may now indeed be the ones holding the more significant cards. The very nature of the defense firms and their inherent advantages may be hindering them from keeping up. For one thing, plaintiffs' firms have gotten bigger and more sophisticated."
#personal-injury-litigation #plaintiffs-lawyers #defense-law-firms #contingency-fees #legal-industry-trends
Read at Above the Law
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