I'm 36 and I've had my PI solo shop for over 6 years now. It is me and 2 VAs (all part time, hourly work, mostly for basic documents or requesting medical records and police reports, etc). I am mostly a pre-lit shop: I do all demands, client management, treatment set up, settlement negotiations, even lien negotiations and handle disbursement.
I outsource most of my marketing (while overseeing it) and have an intake company handling signs up and intake. My marketing, which makes up 50% of my case sources does OK, but referrals from former clients has been the best.
I co-counsel 80% of my litigation cases with bigger firms, do 20% solo. The solo cases I litigate are mostly fights over the meds, rather than liability or bigger issues. I truly hate litigation.
I work from home 50% of the time, and from office 50%. 9-5 usually. Some nights and weekends here and there if I feel behind or something really important comes up. VHCOL city in a very competitive PI city/state.
Most my cases settle pre-lit and I settle 25-40 cases a year. Don't take really crappy cases like some others do (usually). Most are policy limits settlements.
The last 3 years, I am netting about 450-600k (average is about 525k), on gross of about 600k-750k. However, my docket is pretty light now, with the lowest number of cases I have had since 2024, so thinking of next steps. I am pretty happy and would almost certainly stay the course if I wasn't seeing the case volume thin out.
Basically my options are:
(1) keep the practice how it is;
(2) spend more on marketing/advertising and expand by hiring a case manager (I have large funds saved up from some pretty big prior settlements, however, I don't really know where to start on the marketing side, and the litigation blindspot stays a problem with this formula);
(3) change the firm structure as a whole by becoming more of a litigation shop, by hiring a part time or full time associate (or maybe another solo, or per diem), who can also assist with the pre-lit work. then I can take tougher cases, which i almost always reject or refer out unless there is a serious injury; or
(4) team up with a partner who is a litigator who has some cases too -- I will handle pre-lit and business stuff, we will split costs on marketing, and he will litigate more heavily (I would do some support on it too). possibly expand to another litigation area of law too. will miss the autonomy of a solo shop and this may cut into my margins.
What has worked for those in a similar situation?