Work in Progress File Purchase
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.
How can we help you 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.
Steps in a WIP Acquisition
- We appreciate the sensitively that exiting any work type involves, so the first step will be a strictly confidential discussion with Spencers CEO Robert Landman.
- If it looks like we can assist, we will put in place a non-disclosure agreement and request some headline information on the files to be purchased. This is only basic information and generally includes details such as case type, shelf life, funding in place, litigation status, costs billed to date etc.
- We will then make an indicative offer confirming timescales and due diligence.
- Depending on the number and complexion of files we will assign an appropriately experienced and discrete team to undertake due diligence.
- Upon satisfactory completion of due diligence, the agreement will be finalised and we will arrange an orderly transfer of the cases ensuring clients are informed at every stage of the process.
- In instances of deferred consideration, you will be regularly informed of billing progress and funds transfer.
Sell Your Personal Injury Files
WIP purchase deals need to be structured around your requirements and we have the flexibility, capacity and experience to take on the full range of personal injury work including:
- Road Traffic Accidents
- Public and Employers Liability Claims
- Clinical Negligence
- Industrial Diseases
- Criminal Injuries
- Multi track and Catastrophic Injuries
- MOJ Portal / Streamlined Process Claims
- Issued and Non-Issued Claims
No matter the caseload size or complexion we will work with you and your advisors to build a WIP agreement that comprehensively covers all business and regulatory requirements including:
- Client notification and physical file transfer
- TUPE and staffing obligations
- Disbursement funding
- Transfer of After the Event (ATE) insurance and Conditional Fee Agreements
- Lien and undertakings
- Ongoing Professional Indemnity Insurance (PII)
E-mail a summary of your requirements direct to Robert.Landman@SpencersSolicitors.com and we'll arrange a confidential discussion on the next steps.
Speak direct on a confidential basis
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.
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At Spencers Solicitors, we are fearlessly committed to our clients and ensuring that their best interests are central to everything we do.
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