About Recovery First
Maximise recovery of work in progress
We only get paid when you get paid
Prevent bankruptcy and its consequences
No heavy discount on the transfer of files
Tax efficient exit from the industry
Recovery First helps law firms withdraw from specific sectors of the legal market, most commonly the Personal Injury sector, whilst ensuring 100% of the recoverable WIP value is retained by the law firm. We work alongside Solicitors, Accountants, Restructuring and Corporate Recovery Specialists to ensure the most profitable outcome is achieved on any file transfer agreement.
Typically, those exiting the legal industry are forced into selling their WIP in bulk to a single purchaser, often at a heavy discount. At Recovery First, we offer an alternative approach to ensure you retain the value of your WIP in a fully outsourced, managed, and compliant run-off manner.
Recovery First maintain a panel of Solicitors that assist by taking on part-run cases and running the same to conclusion. On successful conclusion of each case, the Solicitors on our panel pass their obtained files onto an independent cost drafting firm to assess each case so that they can allocate a fair split of costs.
This process is open, transparent and can be challenged on a case by case basis if required. Up to 50% of your WIP value is likely to be realised within twelve months.
All fees recovered flow through separate client account arrangements, ensuring that our clients’ funds never become ‘stuck’ within panel firms.
Why Choose Recovery First?
Recovery First is the optimal choice for those looking to exit a legal sector whilst remaining solvent and maintaining cash flow, or for those looking for a structured exit from the legal market and wanting to recoup 100% of their recoverable WIP, either due to difficulties in continuing their practice or due to retirement/restructuring.
Whatever the reason, Recovery First will ensure the most profitable and positive outcome is achieved, with some of our clients benefitting from a more profitable outcome than their recorded WIP, over the lifespan of their run-off.
Grant Saw Solicitors LLP
“With our Claimant Personal Injury partner retiring in 2014 we decided the time was right to step back from Claimant Personal Injury work. We reviewed the market options, were disappointed at the discounts being applied by potential buyers of the WIP and were subsequently referred to the methodology introduced by Recovery First offering the full realisation of WIP overtime. We are now pleased that we went with Recovery First, despite the concept being relatively new at the time, as it has effectively delivered what it said on the tin. Over the project period we have seen a steady flow of receipts being accounted for to us as per service level agreements, allowing us to recover the full value we had built up in the files.”
– Mike Clary, Partner
“Having taken a strategic decision mid-2014 to be completely out of the Claimant Personal Injury sector by the end of March 2015 we were Recovery Firsts’ first client to step back on a phased basis. PI-Solutions were happy to customise their offering specifically for us and I am happy to say it has worked a treat. We were able to focus our own resource on matters where we had a possibility of concluding within our own timetable and utilised Recovery First’s panel firms to continue to work on other matters. Not only have their services allowed us to retain the value we had built in the files, the nature of the services ensured we were able to offer our clients the option of moving to firms with the skill sets required to best service our clients’ specific needs. For firms considering a departure from Claimant Personal Injury work we would have no hesitation recommending Recovery First.”
– Malcolm Lawrence, Partner
“Having worked successfully with Recovery First for a number of years, we would have no hesitation in recommending their services when it comes to realising value from a book of claimant personal injury work. For one particular FRP Advisory project the realisations are approaching 100% of what was thought to exist at the outset, in a situation where we would have struggled to achieve 20% by way of a discounted sale. On that particular project a number of cases are still running and there is every possibility the full WIP value will be recovered.”
– David Thornhill, Partner”
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