Selling Work in Progress Files (WIP)
Reasons for Selling Work in Progress (WIP) Files
There are many reasons why a firm of solicitors would wish to sell their Work in Progress Files. The legal industry has undergone some major adjustments over the years which have led to some serious challenges around viable economic models for some sectors of the legal market. The personal injury sector has been particularly impacted by changes within the industry, such as the introduction of MOJ Portal work, fixed costs and LASPO. For some, these changes have led to a strategic decision to look at exiting specific sectors.
Selling Work in Progress files to exit a specific market can be a positive solution for law firms. It can help them focus on more profitable areas of law. It is definitely not only distressed law firms who make the decision to sell off WIP files, some of the main reasons for exiting a market and running off files include:
Insolvency/ Financial Struggles
The Process of Selling Work in Progress Files
Recovery First makes the process of selling Work in Progress Files as easy as possible for selling firms. If you are interested in selling WIP files, contact our team to have a friendly, confidential discussion with a member of our team.
We have a panel of solicitors in place who take on part-run files and run them to conclusion. On successful conclusion of each case, the files are then passed onto an independent cost drafting firm to assess each case so that they can allocate a fair split of costs.
Up to 50% of your Work in Progress value is likely to be realised within twelve months.
All fees recovered flow through separate client account arrangements, ensuring that our clients’ funds never become ‘stuck’ within panel firms. To find out more about our process, have a look at our “How it Works” page.
Why Choose Recovery First
Recovery First offers a unique service to any law firm wishing to sell their WIP files. We provide a positive option for those wanting to exit a legal sector whilst remaining solvent and maintaining cash flow, or for those requiring a structured exit from the legal market and wishing to recoup 100% of their recoverable WIP.
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, while at the same time maximising the value of the work in progress.
We guarantee 100% confidentiality for all clients and perform due diligence on all files. Get in touch today using the contact information below, or fill in the form at the top of the 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
07774 205 870
07887 796 989
106 Kennedy Building
PO Box 632