MTMP 2019: Mass Tort Success Starts with Strategy
Mass Torts Made Perfect fall 2019 seminar connected the industry’s best mass tort and personal injury attorneys. Big names including Mike Papantonio, Kim Adams, and Alex Shunnarah shared their expertise on hot topics including JUUL, human trafficking, and expanding your mass tort practice.
At a conference of this caliber, the information on litigation, marketing, and best practices can be overwhelming and intimidating to firms wanting to start or expand a mass tort legal practice. Many of the firms Case Works connected with throughout the conference want to expand into mass torts but don’t know where to begin. Our advice, start with a strategy your firm can steadily work toward and most importantly, track its success. Here’s how you can create a successful mass tort strategy:
- Evaluate the industry: There are a lot of players in the game. Some firms focus strictly on case acquisition and co-counsel, while others want to own the entire process.
- Where does your firm want to be within the next year?
- What type of resources are you willing to invest in mass torts to ensure your team will be successful?
- What does success in mass torts look like for your firm within the next five years?
- Determine the level of risk: If mass torts were easy, everyone would be doing it. Unfortunately, this is a niche that isn’t for the faint of heart. Understanding and assessing risk is a critical component of growing a mass tort practice. Before allocating resources, determine the following with your leadership team:
- How much risk are we willing to take on through mass torts?
- What can our firm do to stay afloat as we work towards settlement of the mass tort cases?
- Partner with the right vendor(s): Vendors, vendors, vendors. Finding the right partner is crucial to your mass tort’s success. Which vendor is right for you?
- Does the vendor actively provide us the information we need to adapt and adjust?
- Can the vendor provide us with the level of detail we need to ensure they’re held accountable?
- Do we have the capacity to manage the vendors?
- Will the vendor make our job easier?
- Leverage your peers: Mass torts is a small niche within the legal field and is very much a team sport. Interview peers, ask for insight and advice, and ensure you know what your expectations are before deciding how to allocate your valuable resources.
- Report and adjust: After you’ve established your goals, connected with the right vendors, and researched what it takes to be successful – establish a documented strategy so that everyone on your team (including vendors) knows what they are working towards and can report weekly/monthly on the progress. If the reports don’t meet your expectations, adjust as needed.
Having a solid strategy in place increases your chances for success in mass tort. Case Works consults with firms around the country to help them identify where they will be most successful. Looking to expand? Contact us today for more information.