Recovery First – Who are we, and how can we help your firm?

law firm insolvency

Who are we?

Recovery First offers a specialised service that assists law firms in England and Wales, particularly those looking to restructure, retire, or exit specific sectors of the legal market.

We offer a positive solution for those who are exiting the legal market due to insolvency, and via our sister brand, R&R Solutions, for those exiting due to retirement, restructuring or voluntary exit. 

We offer a unique approach to managing Work In Progress (WIP) assets, ensuring law firms can recover the maximum possible value .

Our services are tailored to meet the specific needs of each firm, working closely with solicitors, accountants, restructuring lawyers, and specialist advisors to deliver the most profitable outcome for their clients​.

How does the Recovery First model work?

Our process involves discreetly selling a firm’s cases to multiple purchasers on our panel of solicitors, covering all areas of law, following their decision to exit a legal market.

Our model mitigates the risks to the buying firms and results in a higher value for the work in progress being recovered and provides the exiting firm with a share of any success fee, whilst ensuring SRA compliance.

Our team manage the whole process from planning the project and transferring  files to appropriately qualified panel firms suited to deal with your unique client matters through, to collection and management of costs at conclusion. Our fees are only payable as a proportion of what you recover, so there is no risk to the exiting firm.

Exiting firms receive 100% of their recoverable WIP, plus their allocated entitlement to deductions from damages and paid disbursements, anecdotally returning significantly higher value than a traditional WIP sale.

A more in depth description of our process can be found on this section of our website.

 

How the Recovery First model ensures fairness in costs recovery

 The Recovery First model is structured to ensure that all parties’ interests are aligned with the collection of costs.

No upfront fees – We handle transfer structuring, legal agreements, data transfer, and physical file movement at no initial cost.

Ongoing monitoring & management – Our panel firms manage files to completion (often for many years).

Cost negotiation & collection – We expertly handle the negotiation and collection of costs, ensuring maximum recovery.

Fair cost allocation – We manage the allocation of costs to ensure they are allocated fairly between the exiting firm and the panel firms, including managing the payment of disbursements.

Transparent accounting – We report to all parties openly and only charge fees as a percentage of costs recovered for the original firm.

Success-based fees – Fees are only charged when costs are successfully recovered. If no costs are collected, we don’t charge.

We believe that this is a fair and equitable solution and ensures that everyone’s interests are aligned – we all get paid, or none of us.

 

What our clients have said about us

” We had an extremely positive experience working with Recovery First after making the strategic decision to move away from an area of law and retune our business model. The process was very straightforward, and we were really pleased with the overall outcome. We would highly recommend the Recovery First model as a practical solution to any law firm wishing to exit a specific sector.”

Jonathan Dwek, Director, Farley Dwek.

I have worked with Recovery First on a number of projects, very successfully, over the years. Their process ensures that the clients’ cases are placed with firms with the specific expertise required to handle them effectively.

On a recent project, this was particularly relevant for some very high value military claims being brought against the Ministry of Defence – this is a unique area of law requiring detailed knowledge and experience.

The result being that matters have been successfully settling with the added benefit that the value recovered was not subject to a discount, but the full allocation of recovered profit costs.”

Andrew Gregory, Director, Leonard Curtis.

Get in touch

If you would like to find out more about Recovery First’s process, feel free to get in touch with our team today using the details below 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:

sally.dunscombe@recoveryfirst.co.uk

David Johnstone:

david.johnstone@recoveryfirst.co.uk

Telephone:

01357 440140

Manchester Address

106 Kennedy Building

Murray Street

Manchester

M4 6HS

Registered Address: 

North Torfoot

Drumclog

Strathaven

ML10 6QG