Specialized Ohio PI attorneys in Trucking Law may see a shrinking of the market in the coming years.
St. Louis, MO (PRWEB) April 25, 2013
Case Funding launches its sponsorship of APITLAmerica in St. Louis, MO this week, exhibiting at the St. Louis Union Station Hotel and sponsoring a Speakers Dinner. To kick off the sponsorship, Case Funding performed market analysis of the Trucking Law Industry, and offers a surprising forecast to APITLA members.
Has FMCSA put an end to dedicated commercial trucking accident PI Law Firms with their trucking regulations? According to Case Funding's Trucking Law Industry forecast based on the recently released 10 years of FMCSA data, the number of fatal accidents involving large trucks has declined 30 percent between 2000 and 2010 (from 4,881 to 3,484) and injury crashes have declined about 58 percent between 2000 and 2010 (from 96,000 to 56,000). Although FMSCA has made a dent in overall accidents, further analysis revealed that the probability of fatality in an accident with a large truck has actually grown slightly from 4.84% to 5.88% in the past decade. So while it looks as though FMCSA has had a significant impact on a large part of the problem and Personal Injury lawyers dedicated to commercial trucking will have seen a decrease in volume over the past decade, Case Funding projects that FMCSA may experience a slow down of their crash reduction performance as a solution to decrease the rate of fatality for cars sharing the roadways with commercial trucks has yet to be found. Additionally, Case Funding projects the market to remain strong in both Illinois and Texas, where relative YoY crash reduction (2008-2012) has been more sluggish that in the remaining commercial trucking accident hotspots (including Ohio, Pennsylvania, and California). Specialized Ohio PI attorneys in Trucking Law may see a shrinking of the market in the coming years, as the state's relative YoY crash reduction performance came in second after Kentucky (of the top 50 percentile states by trucking accident volume).
Case Funding Inc. recommends personal injury Trucking Law Firms also plan to budget large amounts of funds towards case costs as looking at statistics in the past decade relating to large trucks in crashes with passenger vehicles by crash type and severity, it was interesting to note that liability in fatal and non-fatal accidents with large trucks seems to be nearly split down the middle between the truck driver and the car driver. Although many lay people assume that accidents involving large trucks or big rigs are slam dunk cases that are easy to prove, the data shows that the reality is that liability can be complicated and costly to prove, especially when coupled with a usually deep pocketed defense - something personal injury attorneys with specialties in trucking law have always warned. In these situations, many attorneys benefit from utilizing litigation funding services. These case cost financing services allow them to access the information and experts they need to prove their client’s case in times where cash flow may be an issue, and really level the playing field for the plaintiff team.
In addition to planning ahead for case costs, Case Funding recommends lawyers secure a game plan to find medical care for their un/underinsured plaintiffs. A large percentage of clients for Case Funding’s Medical Funding services are plaintiffs sustaining injuries from trucking accidents. The injuries from crashes with commercial trucks are quite extensive and require specialized care for recovery – often long stints of neurological rehabilitation for Traumatic Brain Injury which are secured by Case Funding’s services for 6 months or more. Part of Case Funding's expansion of its Medical Funding programs has been to extend solutions to the commercial trucking law community, a subgroup of the larger MVA personal injury attorneys who have found success with these programs.
Case Funding will be available to discuss this and other topics related to trucking law in person at APITLA's Super Summit II at the Union Station Hotel in St.Louis at booth #4. For attorneys not attending, you can still access our Legal Finance Specialists though our Attorney hotline at 1-888-805-4879.
Case Funding Inc. is a New York based specialty finance company and industry leader in providing litigation funding solutions to attorneys, law firms and personal injury and product liability victims. Case Funding factors and purchases medical liens from doctors, surgery centers and radiology centers. Selling or factoring medical liens allows medical providers to immediately improve their cash flow, reduce overhead and eliminate bad debt risk. Plaintiffs can receive funding for personal and other living expenses while they wait for their case to settle so they aren’t pressured into settling their case for less than its full value. Working capital loans enable attorneys to invest in their cases and to pay for items such as expert witnesses and litigation support costs, operating expenses, business development and marketing campaigns and better manage cash flow overall.