Exiting Personal Injury Using a Phased Approach
In 2014, we were approached by a Surrey based law firm who made the strategic decision to exit the Claimant Personal Injury market. This firm wished to exit the market so that they could focus on more profitable areas of law following the 2013 changes to Personal Injury claims. Recovery First assisted the firms by allowing them to exit the market on a phased basis before the end of March 2015, recovering more than 100% of the expected WIP value.
What Did Recovery First Achieve?
Using a phased approach allowed the staff in the Personal Injury department to focus heavily on the files which were capable of settlement before the end of March 2015. In October 2014, those files identified at the that time as being unlikely to settle, were transferred to our panel of Solicitors early using our usual file runoff method. A further review in November saw a further tranche of cases transfer to Panel Solicitors. Any cases that remained ongoing in February 2015 transferred at that point, ahead of the March 2015 deadline.
This was a very successful project as we were able to recover over £500,000 of the Work in Progress value, which was more than our client had anticipated.
Our clients were extremely pleased with the method used and the result obtained from this project. Following the completion of the project, a Partner of the firm stated the following:
“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. Recovery First 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.”
How Can Recovery First Assist Your Law Firm?
Recovery First can assist your law firm in making a structured exit from any legal market. We will ensure that you receive the maximum WIP value for your files. The phased approach is now regularly utilized to allow a strategic exit over time.
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. 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.