With the introduction of LASPO, fixed costs and the MOJ streamlined process, the personal injury arena has undergone significant changes over the last few years.
This has understandably lead to many law firms re-evaluating their commercial ability to provide high quality personal injury services in an ever-changing post Jackson landscape. However exiting from a work type can be time consuming and fraught with risks if cases are simply left to run down over many years.
At Spencers we are committed to growing our personal injury offering and as such would be interested in the purchase of work in progress (WIP) from any practices seeking to exit the PI market.
The structure of a WIP sale can vary greatly depending on your needs. Generally in scenarios where a law firm wishes to exit the PI market but is still handling other work types, deferred consideration maximises the seller's return on the WIP sale.
Upfront WIP sales can also be considered however always result in a lower WIP valuation as further due diligence and risk assessment is required.
We know that client care will be of primary concern in your selection of a WIP purchaser, as neither the client nor your reputation should suffer from your decision to focus on other work types.
Here at Spencers we share this view and are committed to only undertake work acquisition when it is the best interests of all the parties, not least our mutual clients.
Whether you wish to exit the PI market due to retirement, improve your cash flow or simply focus on the provision of other legal services, we are confident that we can provide a solution that allows an organised exit whist preserving maximum value in your WIP and providing the client with continuity.
Contact Spencers' Robert Landman direct for a no obligation and confidential discussion.
Robert Landman | Chief Executive Officer
Mobile: 07827 841979