![]() But because your PI firm is also a business, you need the professional acumen to tackle these areas. You went to law school to become a lawyer - not an accountant or marketing guru. Here’s how Smokeball can help your contingency-based firm build best practices and successfully balance your budget. When money is flowing out and you have no guarantee of when the tide will turn, you need tools to help keep your business afloat. Additionally, the law firm itself must pay its regular business expenses-payroll, rent, malpractice insurance, association subscriptions, office equipment and supplies. In the meantime, lawyers incur case-related expenses - court and filing fees discovery costs and fees for expert witnesses, medical records and incidentals. Most personal injury cases don’t resolve for one to three years. The only party who potentially draws the short straw in a contingency case is the attorney. Since lawyers are paid only when they win their cases, they are incentivized to avoid dubious claims that could clog up the system. Contingency is a boon for clients who might not otherwise be able to afford an experienced attorney. But without the right legal practice management software to help you with contingency billing, you may not have the profits necessary to sustain a thriving practice.īudgeting for contingency-based PI firms is tricky. Perhaps you have a heavy workload with potential clients lining up to hire you. Or maybe you only take on cases you know you can win. You might be the consummate personal injury attorney-a keen legal mind combined with experience, an empathetic nature and a passion for advocacy.
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