Recovery First: A Complementary Service for Professional Advisers

budget 2021 stamp duty

Recovery First was launched back in 2012 to help personal injury law firms exit that sector of the legal market following the Jackson Reforms in April 2013. These reforms had a significant impact on the personal injury landscape, resulting in a number of firms facing insolvency, whilst others opted to strategically exit the sector to focus on more profitable areas.

Fast forward to 2021, and solicitors are still facing a number of challenges, from the whiplash reforms to covid-19. Over the years, we have worked alongside professional service providers to help them create the best outcome for their law firm clients when exiting any area of the legal market.

Who can Recovery First assist?

 

Law firms may make the decision to exit a legal market for various reasons. Some of the most common reasons include retirement, insolvency, restructuring, and mergers and acquisitions. As well as assisting law firms directly, we provide a complementary service to professional advisers that are assisting exiting firms. We help to ensure the most profitable outcome is achieved on any file transfer agreement. The advisers we can assist include: 

  • Insolvency practitioners
  • Accountants
  • Merger and acquisition consultants
  • Corporate recovery specialists 

How can we assist?

 

Recovery First work alongside professional service providers to discreetly sell a firm’s cases to multiple purchasers on our panel of solicitors. This mitigates the risks to the buying firms and results in a higher value for the work in progress (WIP) being recovered, whilst ensuring SRA compliance. In some cases, we can facilitate immediate cash availability to cover administration set-up costs or, if simply restructuring or utilising a CVA, to deal with immediate exit liabilities. Our team manage the transfer of files from start to finish, placing case files with an approved law firm to protect the integrity of the client’s case. 

We are an accountancy service provider that has built specialised software and processes to liquidate the full value a law firm has locked into WIP over time. We monitor case progression and conclusion in real time and account back to our clients for the value realised on an agreed reporting period, either monthly or weekly, thereby de-risking a deferred deal from the seller’s perspective. 

Our process is highly flexible, and many firms have greatly benefitted from exiting a market using a phased approach or when merging, to dispose of a caseload within a legal area the merged entity does not wish to continue operating in.

 

Why choose Recovery First?

 

The unique scheme offered by Recovery First is suitable for law firms and professional advisors, including accountants, merger and acquisition consultants, restructuring and insolvency lawyers, insolvency practitioners and corporate recovery specialists. Our services are suitable for all types of legal work, using a simple, ongoing process with no up-front costs. 

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 via email (david.johnstone@recoveryfirst.co.uk), telephone (07887796989), or fill in the form on our “Contact Us” page, and we will contact you to discuss the process.

It's never too late to speak to Recovery First. Contact us now in the strictest confidence

Sally Dunscombe:

07774 205 870

sally.dunscombe@recoveryfirst.co.uk

David Johnstone:

07887 796 989

david.johnstone@recoveryfirst.co.uk

Manchester Address

106 Kennedy Building

Murray Street

Manchester

M4 6HS

Kent Address

PO Box 632

Chatham

Kent

ME4 9FL