November 12, 2015

Insurance Recovery Lawyers as Profit Centers

Posted in Our Firm by Brian Friel

When businesses engage a law firm for representation they are typically thinking about spending a sizable amount of money to minimize future losses, and that money is often well spent.  As an insurance recovery law firm, we operate under a slightly different financial model.  We consider ourselves a profit center for our clients.  

Time and again our clients have told us that the money we generate from insurance recoveries far outweighs the cost of representation. Whether we are recovering $20 million dollars, or $100 million dollars, the money we generate for our clients can have a substantial impact on their financial health. Good insurance recovery representation is often the difference between obtaining no coverage for a claim, and securing a successful result.

We have years of experience representing our corporate policyholder clients and our results of maximizing our client’s insurance recoveries on claims naturally flows from this expertise.  If you have any questions about your insurance coverage or need representation with a claim, please don’t hesitate to call us at 202-760-3160.

Below is the transcript of today’s video:

As insurance recovery lawyers, we recover money for our clients, well in excess of what we cost.

The clients, in terms of who we deal with when we have these claims or we have a requirement or need for our services, it really varies. It depends mostly on the size of the company, whether they have an in-house legal department or maybe they don’t. So typically our client contacts are general counsels. Often times they can also be the risk manager, if they have a large enough company to have an in house risk management group. Sometimes it’s the CFO or even directly the CEO or the owner of the company. So it really varies in terms of the client, the industry, and really the size of the client will dictate who we are dealing with at the company.

The feedback that we have heard over the years from my clients is just how important our practice is and our services are to our clients in terms of the insurance recovery efforts that we make. Typically our clients hire lawyers because they are defendants. And the lawyers are protecting them, trying to mitigate how much money the clients have to pay out. We are a little different. We are trying to bring money back into the client. We sort of view ourselves, we do view ourselves, as a profit center.  So it is a very very different experience that our clients have, whether it’s the CFO, the CEO, the general counsel, or the risk manager. They are dealing with lawyers, Miller Friel, who are trying to bring in very substantial amounts of money – $5 million, $25 million, well over $100 million, which can really make a difference for a company’s financials.

So the level of importance they place on what we do, I think, is extremely high.  So I think when they are selecting a law firm to do this work to provide the services, they’re looking for a law firm, I believe, that has that level of experience and passion that matches the importance that the company places on that particular insurance claim.

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