The reforms of civil litigation which came into force on 1 April 2013 are having a huge impact on the Personal Injury legal sector.
As well as the 1,200 firms identified as being in financial difficulty by the Solicitors Regulation Authority, other experts estimate that the reforms will:
- reduce the number of firms handling personal injury work from over 4,000 to fewer than 100 firms handling 80% of claimant personal injury work
- cut the average remuneration per matter from £2,800 to £750.
Some firms are hoping that this storm will pass – but it won’t.
There are firms who already have massive borrowing and severe funding problems. Many are too small to have a Financial Director to help them deal with these issues.
We are Licensed Insolvency Practitioners and we can help you deal with financial difficulties you may be experiencing.
If you are looking to withdraw from the sector, we can put you in touch with a firm of independent specialist brokers who can help you:
- get a clean and quick withdrawal from the market
- maximise your Work In Progress.