Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am a partner in a two-partner personal injury firm in Tampa, Florida. We do not have any associate attorneys. Our firm only handles personal injury work. We have been in practice for 35 years and have been very successful over the years. However, the last few years have been terrible. Adjusters are not settling cases and the days of three-times specials is over. Our case volume is down, the quality of cases that we have in our inventory is far below what we had in previous years, and our revenues are down substantially. Cash flow is awful. We have had to live off of our credit line for the past year. Our main source of business over the years has been referrals from past clients and other lawyers, yellow pages, and our very basic website. We would appreciate any thoughts and suggestions that you may have.