Managing Personal Injury Case ExpensesLast updated on: April 5, 2023
In this episode, Zinda Law Group CEO and founder, Jack Zinda, gives you quick tips on how to manage case expenses at a personal injury law firm.
Discussed in this Episode:
- Track your case expenses
- How much to spend on cases
- Consider a line of credit
- Don’t invest before you know
- Evaluate your Case Expenses
Track Your Case Expenses
Regardless of how new your practice is, hiring a bookkeeper or at least getting expense tracking software is a crucial element of successful money management.
How Much to Spend on Cases
Before you begin to spend money on a case, make sure that you have a percentage of total value in place to ensure that the case is profitable. Properly evaluating the value of a case is the most important step in this process.
Consider a Line of Credit
It’s often important to maintain a certain level of capital to pay for things like payroll. Having an additional credit resource can go a long way to ensure that you’ll have funds when needed.
Don’t Invest Before You Know
Refrain from using funds towards a case until you’re certain that the appropriate value is there. There are certain cases that require funds to be accessed before that point, but waiting 30 days to properly examine the case is the best practice.
Evaluate Your Case Expenses