We provide a solution for insolvency practitioners, accountants, restructuring and corporate recovery specialists helping law firms to withdraw from the market – even in very distressed situations where SRA intervention is a real and present threat.
As each project is unique; the flexibility of our model allows us to bespoke a solution to ensure the best outcomes are achieved utilising the specialist expertise of a combination of our panel law firms to ensure maximum value is recovered for the WIP assets.
And because our model aligns all parties interests on success at conclusion of cases, there is no need for any lengthy due diligence so we are able to act very quickly.
Our service provides a methodology which:
- Is SRA compliant and ensures clients are protected
- Provides compliant formal commercial contracts between all parties
- Manages the transfer process of live matters from original firm to our panel firms
- Provides financial management of the costs recovery process, including the allocation and distribution of funds
- Give you access to a dedicated, experienced management team to oversee the process from investigation to conclusion
In addition, we will:
- Manage funding and insurance arrangement and reporting
- Provide Management Information monthly designed to reflect individual requirements
- Individual case progress analysis and financial reporting
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”
" 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
"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
“We have worked alongside Recovery First on a number of successful projects over a number of years and have been really pleased with the outcomes achieved. The monitoring of all matters by Recovery First and the associated accounting and reporting are of an exceptional standard, resulting in very smooth administration with maximum recoveries being created for the creditors. We plan on working with Recovery First for future projects and would have no hesitation in recommending their model to others”
- Andrew Poxon, Administrator
It’s never too late to speak to Recovery First. Contact us now in the strictest confidence
07774 205 870
07887 796 989
106 Kennedy Building
PO Box 632