Is the Market for Car Accident Lawyers Oversaturated in 2022?

Just take a drive down an interstate outside any major city and you’ll be peppered with billboards advertising car accident lawyers. Based on that impression, you might say there are way too many car accident lawyers out there and the world doesn’t need anymore.  However, with a more careful look, pursuing a career the right way as a car accident lawyer could be a great idea, and the timing might be pretty good in 2022.

The Industry

Sources agree that the personal injury market is growing due to several factors including an aging population and joint liability claims. Industry analysts predict that the personal injury market will grow over the next five years between 1.3% and 1.6% per year. In addition, analysts believe that with the anticipated easing of COVID-19 restrictions, long-delayed litigation and case filing will resume, further increasing growth in the personal injury market. Furthermore, the United States population is aging, and an aging population tends to increase personal injury claims. The bottomline is that the market will grow, and it could grow significantly depending on how COVID-19 plays out. Finally, there is no real reason to believe that the car accident injury segment will not mirror the general personal injury market trend. 

The Career

Most personal injury lawyers earn between $70,000 and $146,000 per year. However, contingency fees almost always make up the salary of a car accident lawyer. That means that most personal injury lawyers operate on an “eat what you kill” model rather than an annual salary based model. Therefore, the bad news is a car accident lawyer’s income is highly volatile. The “good” news is there will always be cars and resulting car accidents in the foreseeable future. Given that the personal injury market is predicted to grow, we can believe that a car accident legal practice should also grow equally.

A Car Accident Lawyer Specialization

According to this reputable car accident law firm, The issue is not whether the market is oversaturated but how you take advantage of the predicted market growth and separate yourself from the rest of the car accident lawyers.

The key is to hone your specialty and create a process to handle case flow. Not only will this smooth out your highly volatile income, but you can also handle more cases and get quicker results for your clients. Therefore, when considering a career as a car accident lawyer, try to develop a procedure to evaluate your cases, build your claims, and move them to settlement or trial as quickly as possible. In doing so, you will not only provide much deserved justice to your clients but also maximize the return on your contingency fee against the time you invested in each case. A career as a car accident lawyer is not a sidebar to a bigger practice but is a lucrative career in and of itself if structured correctly and given its due attention.