3 Ways to Manage Your Legal Budget in Product Liability Lawsuits

Product liability litigation is complex. Strategic planning by the legal team at the outset of the litigation is required to protect your legal budget and overhead.

Costs begin to mount in the discovery phase of product liability matters. Approaching medical record collection and review with a deliberate plan plays an important role in accurately forecasting and adhering to your litigation budget.

3 Ways to Manage Your Litigation Budget

1. Determine Medical Record Review Document Type

Predict litigation costs with a strategic approach to medical record review. The first step to taking control of your litigation budget is to determine the appropriate type of medical record review document for your matter. This can range from brief to comprehensive to support the needs of your counsel and the litigation strategy.

2. Review Pertinent Medical Records Only in Product Liability Litigation

Reduce medical record review costs by reviewing only pertinent records. Reserve in-depth chronology reviews for depositions, bellwether selection, and trials.

3. Utilize Data for Decision Making in Product Liability Litigation

Data-backed insights are required to make reasoned and informed litigation decisions. This data allows you to prepare for bellwethers and inform litigation strategy. Taking advantage of these powerful insights early in litigation will protect your budget.   

Example Data Points for Litigation Budget Forecasting

  • Monthly expected spend
  • Budget thresholds
  • Predicting costs month by month
  • Quarterly reporting

How LMI Can Help with Litigation Budget Forecasting

LMI's expansive litigation experience and powerful proprietary technology can help lay the foundation for developing predictable budgets in matters involving record collection and nurse review. 

Contact us today to discuss your goals and create a budget plan that fits your litigation needs.