Personal Injury Mastermind - Ep.130, Tighe Wilhelmy, Velawcity

TL;DR

The legal industry is experiencing rapid growth, and choosing the right vendor for mass tort litigation is crucial for success.

Transcript

it's exactly where the industry is going and if that's not how your mind is thinking you've already lost the consumer protection sector is expected to double to 4 billion in the next 12 to 24 months gain market share the right way by picking the right vendor to help your firm get the most out of mass tort litigation in order to increase access to j... Read More

Key Insights

• 🧑‍🤝‍🧑 The legal industry is expected to double in size, reaching $4 billion in the consumer protection sector within the next couple of years.
• 🗯️ Choosing the right vendor for mass tort litigation is essential for law firms to gain market share and maximize profitability.
• 🪡 Lawyers need to focus on the entire throughput process, from case acquisition to client communication and automation, to ensure a smooth and efficient workflow.
• ☠️ Timing is crucial in entering mass tort litigations, with opportunities arising during major conferences and post-Daubert when success rates improve.
• 💗 Diversification and treating mass torts as a portfolio are vital strategies to succeed in the rapidly growing legal industry.
• 👻 The infrastructure of the legal industry needs to evolve to support the increasing demand and allow for the emergence of new businesses.
• 👮 Velocity is launching TordX, a law firm focusing on mass torts, and Crossex, a fraud prevention software to reduce fraudulent activities within the legal industry.
• 👮 Building the marketing flywheel is not enough; law firms should have the correct systems in place for downstream processes to scale effectively.

Questions & Answers

Q: How did Velocity's services evolve over time?

Velocity initially started as a legal YouTube channel, then transitioned to lead generation. They now provide case acquisition, administration, and intake services, focusing on mass tort, class action, and mass arbitration lawsuits.

Q: What were the challenges faced with video production for lawyers' content?

Video production for lawyers was challenging due to logistical nightmares, lawyer's discomfort in front of the camera, and the high upfront cost of creating videos with limited lifetime value.

Q: How does Velocity approach vendor selection for mass tort litigation?

Velocity prioritizes understanding the client's pain points and needs, ensuring a good fit between the vendor's services and the law firm's requirements. They also emphasize the importance of the entire throughput process, including communication, automation, and record retrieval.

Q: How does timing play a role in entering mass tort litigations?

Timing is crucial, especially for SEO purposes. Getting in early allows for accumulating cases at a low cost before the competition increases. However, the risk is higher during the pre-Daubert phase, where scientific validation is yet to occur.

Summary & Key Takeaways

• The consumer protection sector is expected to double to $4 billion in the next 12 to 24 months.

• Picking the right vendor is essential for law firms to gain market share and maximize the benefits of mass tort litigation.

• The infrastructure of the legal industry needs to evolve to support the growth and allow for the development of new businesses.