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Survey: personal injury law firms face financial meltdown
Nearly a fifth of the north-west’s specialist personal injury law firms are considering shutting up shop due to the financial impact of the government’s civil costs reforms, with many predicting huge cuts in their profitability as a result of the new RTA portal fees, new research has revealed.
Cost of acquiring PI cases is £700 – and the referral fee ban will have no effect, says report
The cost of acquiring personal injury cases, irrespective of the referral fee ban, is around £700 – £200 more than the government is proposing for routine road traffic claims even before the legal work is factored in, according to new research.
Quindell gains ABS licence and says it can deliver profit under new costs regime
Quindell Portfolio has finally received its alternative business structure (ABS) licence and also predicted that it will be able to operate profitably within the new fixed fees and small claims structure put forward by the government.
Clayden: level of fixed costs will determine insurers’ appetite for ABSs
Insurers will be forced to consider alternative business structures (ABSs) if the government is not sufficiently “bold” in reducing the level of legal fees for RTA portal cases, a leading defendant lawyer has warned.
Ministry of Justice: no backtracking on April 2013 for RTA and small claims changes
The government has made clear its intention to push ahead with extending the RTA process and also increasing the personal injury small claims limit next April despite publication of the Fenn report yesterday.
Law Society’s portal extension verdict: good in principle, bad as planned
The vertical and horizontal extension of the existing RTA portal is a good idea but cannot be done by the government’s target of next April, the Law Society has warned – and the case to cut fees has not been made out.
Claimant groups ramp up rhetoric in battle over personal injury fees
Claimant personal injury lawyers have launched a strong attack on the government’s bid to expand the RTA claims process while also cutting legal fees for work done under it. Research showed the current £1,200 is about right, with profit margins set to fall.
Firm claims RTA portal “breakthrough” as insolvency cases granted stay of LASPO execution
Liverpool costs specialists yesterday claimed a “massive breakthrough” in a dispute about the recovery of ATE insurance in RTA portal cases that has seen thousands of cases stayed. The news came as the government announced a two-year moratorium on ending recoverability in insolvency cases.
MoJ holds line on extending RTA portal next April despite warnings that it cannot be done
The government is determined to introduce the expanded RTA claims portal in April 2013, the Ministry of Justice has stressed, despite the company behind the system saying it cannot be done in that time.
Leaked e-mail reveals ABI mulling bid to slash RTA portal fee from £1,200 to £150
The Association of British Insurers may call for the fixed fees payable under the RTA portal to be slashed by nearly 90% to £150 as part of its negotiation strategy, a leaked e-mail has revealed.
