10 Things I wish I knew When I started My PI Practice

I’m not a non-profit corporation.
When to charge and when not to charge. How to figure out that we do our best work by learning not to take on business we have no business taking on.
Case Evaluation
1. experience – no substitute – law – rules – lawyers, judges and juries
2. identify the issues – time spent evaluating potential cases
3. judge, jury, jurisdiction
4. likelihood of settlement – time is money
5. cost to work up – time is money
Type of cases – type of practice
What do I want to do? What am I suited to do? What cases can I make money doing? What cases can I lose money doing? Pharmaceuticals. Class actions. Products. Medical malpractice. Car wrecks. Tractor-trailer wrecks. Speciality cases such as plane crashes, insurance coverage, business torts and non-competes, arbitration clauses.
Business Plan
Think like a businessman. Real estate developer-joint venturer. 5-year plan. 10-year plan; 15-year plan; “Get out number.”
How to get business. What type of plan? What kind of lawyer?
1. Direct to consumer
2. Peer to peer
How to get business?
Exposure. Professional organizations. Community organizations. Teaching opportunities. Speaking opportunities. Socialization. How to get business without seeming like you are trying. (Jock Davis)
Association, Joint Venturing, and Referral.
Who with? Fee agreements. How to handle?
The Internet.
Computers. Mac or Windows. IT guy. Websites, Facebook, Twitter, I-pads, smart phones, technology.
Don’t Petunia on the People Who Write the Checks!
Adjusters. Lawyers. And, others.
Figure out your Management Style and then go fix it.
Hiring, firing and training costs money. Finding good people and rewarding/retaining them makes money.

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