The personal injury legal sector in the United States represents a substantial economic footprint, with costs and compensation in the tort system reaching over $529 billion, equating to more than $4,200 per household annually. This figure is increasing at a rate of 7.1% per year, outpacing inflation. Personal injury cases account for approximately 2% of the US GDP, highlighting the industry's size and influence. Notably, only about 53 cents of every dollar awarded in tort cases reaches the injured claimant, with the remaining 47 cents absorbed by lawyers' fees. In cities like Philadelphia, personal injury attorneys dominate roadside billboards, particularly along major routes such as I-95, indicating the sector's marketing focus and prominence. Tort reform is discussed as a potential measure to reduce inflationary pressures, but it faces challenges given the legal profession's strong presence in Congress and its deep entrenchment in society. Additionally, the choice of roadside billboards as the primary advertising medium for personal injury lawyers, rather than television, remains a subject of inquiry among observers.
I have also wondered this but high pay is only half the answer. Why are billboards the chosen *medium* for personal injury lawyers? As opposed to say TV? https://t.co/2AnZA30eeo
🇺🇸 AMERICA’S LAWSUITS COST $529 BILLION—AND GUESS WHO’S PAYING? That’s over $4,200 per household just to keep the tort system running. Yes, you’re basically funding courtroom drama without popcorn. These costs are growing faster than inflation—7.1% a year. If that keeps up, https://t.co/muGfl5SbYp https://t.co/HLeFMveqs9
tort is a fascinating market. 2023 had 89 jury awards >$10M totaling $14B+ and the median nuclear verdict over the past decade has been $21M. only ~53 ¢ of every tort dollar reaches an injured claimant; the other ~47 ¢ vanishes into lawyers’ fees. https://t.co/Ohvp8T0Fte