Social Security benefits are set to increase by the largest amount in years. What does this mean for your firm?
With all of the craziness coming out of Washington these days, a bit of good news flew under the radar last week: Social Security benefits in 2018 are set to receive the highest cost-of-living increase in 5+ years.
Starting in January, Social Security recipients will receive a $28 monthly increase in benefits. This averages out to a 2.2% increase. While this may not appear to be a huge number, it is significantly larger than the 0.3% increase in benefits that Social Security benefits collected this year, after receiving no increase for 2016.
How This Increase Could Affect Your Firm
For starters, now that the average payout is increasing, every case your win you will get a higher fee per case won. And even though it’s not a huge increase per case, all of your cases won would result in the extra money accumulating. Over time, that increase in cash could be spent on hiring new attorneys and other staff members.
An influx of cash could also give your firm the leeway to take on cases that you might not have before. With Social Security benefits increasing, it could also lead to more people applying for Social Security benefits. With more people applying, that’s more potential cases for you to sign.
How Much You Could Earn
A $28 average payment increase would equal another $7 in average legal fees per claim you win. A large nationwide firm handling 500 Social Security cases every year would see a modest increase in revenue of $3,500.
If the same cost-of-living increase continues yearly for five years, that same firm would earn an additional $52,500 in revenue, simply from the average disability fee rising.
A small firm winning just one case per week would still see a revenue increase of over $5,000 in five years. While this may seem low, an additional $5,000 could be spent on growing your firm by hiring a part-time paralegal, or investing in lead and case management software.
Increasing Your Social Security Disability Caseload
Social Security disability leads are eGenerationMarketing’s bread and butter. We have been generating Social Security disability leads for attorneys nationwide since 2009. Eight years later, we are generating Social Security leads though our high-quality paid ad campaigns and organic efforts at a record pace.
With average settlements rising, now is one of the best times to grow your Social Security practice by taking more clients. Take advantage of this opportunity today before it’s too late and let us help your firm acquire more cases through legal lead generation.
Our SSD leads are exclusive, so availability is limited. Give us a call today at 617.800.0089 to learn more about our Social Security lead availability in your area.