The demand for personal injury attorneys is surely going to increase in the future, mainly because of the fact the US population is currently aging. According to research done by McQuarrie LLP, the entire industry is showing a really high growth. Various important factors are currently influencing the market, making it clear that everything is blooming.
Personal Injury Opportunities And Threats
An important thing that is visible is that structured settlements are on the rise. They are creating a really steady income flow for the firms in the industry. The problem is that we are looking at a decrease in the number of auto accidents that happened in the US in the past years. This did somewhat led to industry demand going down. However, unemployment rates are falling. This implies that work connected accidents will be on the rise. Industry revenue growth is thus present because of the counterbalance.
A personal injury claim can be filed for various different incidents. This includes workplace accidents, home accidents, assaults, traffic accidents, products that are defective and even medical malpractice. It is expected that until 2021 we will find the medical malpractice lawsuits as being really common with the aging US population. There is always a demand for the personal injury lawyers, regardless of economic climate. Since the recession is over and the industry weathered the storm with ease, everything is bound to change for the better.
An increasing popularity of the structured settlements enables negligent parties to pay the amounts needed over longer periods of time instead of just lump sums. This is stabilizing the revenues that are made by the personal injury attorneys.
If we are to look at the revenues generated by the personal injury attorneys between 2011 and 2016, the growth was constant, at a medium growth of 0.2% per year. This is not much but 2016 showed a growth of 0.8%. If the accident was third party fault, an injured party is entitled to compensation. Personal injury lawyers offer exactly what is needed for the party that is injured to fight the injustice.
Personal injury lawyers are now adapting. They are communicating better and many of the cases that are handled end up with negotiations for a settlement to be agreed. Really high success rate is present when looking at the claims, in parts because settlement is better for most clients as opposed to having to go to court. Reputation stands out as a very important indicator taken into account so personal injury attorneys are only agreeing to the cases that are most likely to be successes. That only makes industry growth higher.
In the following years we will see an increase in the number of cases that will be handled. This means that more jobs will be available for the personal injury attorneys, especially since this is a long-term process. Although some drops were seen in how much compensation was offered in some industries, the overall picture is one that is highly beneficial for the injury attorneys.