Over the last few years, those firms wishing to remain in claimant personal injury (PI) have adopted a number of different strategies. Simply by living within their means, a number of smaller firms are adjusting to life post-LASPO by consolidating their activities to one or two particular streams. But the number of firms still prepared to spend excessively on the acquisition of new work, to keep their machines primed, is surprising.
The first Polish-owned, Polish-speaking alternative business structure opened for business at the start of this month – with the help of a British solicitor. Optimal Solicitors started life as a claims management company before converting.
The Solicitors Regulation Authority has warned law firms against misleading publicity as the government’s ban on the use of inducements by personal injury solicitors came into force yesterday.
The Advertising Standards Authority has rejected a complaint against a west country personal injury law firm, saying that consumers now have “a general awareness that to have a valid claim there would have to be some degree of fault or negligence by a third party”.
Legal lead generator National Accident Helpline today unveiled strong results for its first year as an AIM-listed business and indicated that it will continue to move beyond its core of personal injury to other areas of consumer law.
Express Solicitors, the Manchester personal injury firm, is poised to make further acquisitions after securing £10m funding from the Royal Bank of Scotland. It said the money allowed a focus on growing the business “without having to compromise” on other areas.
Many commentators are voicing their opinion and there does appear to be a growing consensus that 2015 is the year the devastating side of LASPO will fully show its face. Legal Futures last month reported a prediction of impending carnage in the personal injury (PI) market and it may well be true, but are there avenues that can be taken to mitigate the destructive nature of cash drying up on small-to-medium sized PI practices.
Business consultancy Assure Law has bought a specialist rehabilitation service as it expands the range of services it offers to law firms, following its acquisition of HighStreetLawyer.com and Lawyers2you.
There could be “carnage” among personal injury (PI) firms this year as the full impact of the Jackson reforms and portal fee cuts finally hits home, lawyers have predicted.
Small and medium-sized law firms “face the most threat” from new entrants and increased competition, a wide-ranging survey of the UK legal services market has found.