Exiting Personal Injury due to Retirement and Restructuring
In 2014, Recovery First began working on a project which was provided to us through a referral from a risk management company. The project involved us assisting a London based, small to medium-sized law firm whose Personal Injury department was overseen by one partner. The Personal Injury partner was retiring, and thus, the firm made the decision to exit the Personal Injury market. Recovery First assisted this firm by allowing them to exit the personal injury market, whilst retaining their full WIP value for their Personal Injury files.
What Did Recovery First Achieve?
Recovery First were able to recover the full WIP value for this firm’s personal injury files, whilst allowing this practice to continue working on other areas of law. The practice was originally offered around £20,000-£30,000 from other potential buyers, and they were therefore pleased when Recovery First were able to recover the full WIP value in excess of £70,000.
How Were the Results Achieved?
The project took around three years to complete using our typical run-off process, allowing the practice to continue as normal. The files were distributed to our panel of solicitors who took on the files prior to the PI Partner retiring. Recovery First also dealt with all accounting regarding the apportionment of costs.
Following the completion of the project, one of the Partners of the firm stated the following:
“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.
How Can Recovery First Assist Your Law Firm?
Recovery First is a great choice for those looking for a structured exit from any legal market and wishing to recover 100% of their WIP value due to retirement/ restructuring, or for any other reason.
Whatever the reason, Recovery First will ensure the most positive and profitable outcome is achieved. The unique scheme offered by Recovery First is suitable for both law firms and professional advisors. Our team manage the transfer of files from start to finish; placing case files with an approved law firm so as to protect the integrity of the client’s case.
We guarantee 100% confidentiality for all clients and perform due diligence on all files. If you would like to find out more about Recovery First’s process, feel free to get in touch today using the contact information or fill in the form on our “Contact Us” page, and we will contact you to discuss the process.