2017 appears to be the most profitable year for Social Security disability attorneys and advocates in over five years. Beginning in 2016, the average Social Security fee rose above $3000. 2017 looks even better, with the average attorney fee above $3,100 every month for the first time ever.
Let’s look back at how much Social Security disability payments have increased for attorneys over the years, and how much additional income your firm could earn this year.
Using 2015 as a baseline…
| Month/Year | Volume | Amount | Average Fee |
|---|---|---|---|
| Jan 15 | 30,647 | $89,331,862.37 | $2,914.00 |
| Feb 15 | 30,053 | $88,253,233.27 | $2,936.00 |
| Mar 15 | 29,531 | $86,536,688.81 | $2,930.00 |
| Total | 90,231 | $264,121,784.45 | $2,927.00 |
The average fee for Q1 of 2015 approached the $3000, but never broke the threshold.
| Month/Year | Volume | Amount | Average Fee |
|---|---|---|---|
| Jan 16 | 29,078 | $88,489,309.52 | $3,043.00 |
| Feb 16 | 32,689 | $97,628,808.98 | $2,986.00 |
| Mar 16 | 31,744 | $95,039,003.59 | $2,993.00 |
| Total | 93,511 | $281,157,122.09 | $3,006.00 |
Q1 of 2016 saw the first average fee for one quarter rise above $3000 since Q3 of 2011.
The average fee only increased by roughly 3% from Q1 2015 to Q1 2016, which may seem underwhelming. However, looking at the average fee increase from Q1 2015 to Q1 2017 shows a 7.3% increase, which shows consistent growth of 3.6% annually.
If this growth continues in to 2018, the average fee for Q1 would be around $3255, an all-time high.
Also, the total volume of cases approved in Q1 rose by 6% from 2015 to 2017. When volume rises, you might expect the average fee to drop. In this instance the exact opposite has occurred. The volume is rising and so is the average fee. This is an ideal situation for Social Security attorneys and advocates: The SSA is approving more claimants than years prior, and you’re earning more per case won.
| Month/Year | Volume | Amount | Average Fee |
|---|---|---|---|
| Jan 17 | 25,470 | $80,005,048.23 | $3,141.00 |
| Feb 17 | 29,145 | $92,134,157.30 | $3,161.00 |
| Mar 17 | 41,143 | $128,806,205.02 | $3,130.00 |
| Total | 95,758 | $300,945,410.55 | $3,142.00 |
Let’s look at how much a seemingly small increase in legal fees could affect your firm.
Firms that have set up their office to handle 50 Hearings per month, with an average favorable decision rate of 70% would come away with 35 favorable Hearings per month.
Using 2015’s Q1 average attorney fee, firms who win 35 hearings per month would generate $1,248,240 in revenue annually.
2017’s average attorney fee would have yielded the same firm $1,319,640 in revenue yearly. This means that SSD revenues for mid-to-large size SSD firms has increased $71,400 over three years or, $23,800 per year. This is enough additional income to hire a part-time paralegal, or invest in additional case management software to help manage your clients.
Any experienced SSD attorney or advocate understands that keeping his or her firm profitable depends on a consistent flow of new cases. eGeneration has been producing thousands of Social Security disability leads for SSD representatives since 2009.
If you are looking to capitalize on higher average Social Security fees, let eGeneration help your firm acquire more cases. Call us today at 617.800.0089 to learn more about our Social Security lead availability.
https://www.ssa.gov/representation/statistics.htm#2017