In light of the seismic changes likely to result from the Government’s recent review, many law firms are understandably considering the future viability of PI work.
The cost of client acquisition in the sector is relatively high. More worryingly, speculative marketing spend at a time of such uncertainty may never deliver a return. The probable disappearance of lower-value work has also prompted many firms to consider rationalising their PI departments or to quit the sector entirely.
Nevertheless, for firms that can adapt and evolve, the post-reform PI landscape will present opportunities.
Before firms can plan for the impact of the reforms themselves, they must first manage their pipeline of PI work during the period of uncertainty prior to the reforms’ formal announcement and implementation.
PI departments that survive this uncertainty without compromising their ability to thrive in the post-reform sector will therefore need to be as flexible as possible, avoiding speculative marketing spend in the short-term, while continuing to generate work at a low cost of acquisition.
How to avoid speculative marketing spend and lower the cost of client acquisition?
Chris Salmon, Operations Director at Quittance Personal Injury said, “When the proposals are implemented, there will be less work to go around. There will certainly be a greater focus on. and competition for, work untouched by the reforms.”
“Our online marketing team has always capitalised on periods of uncertainty, to the benefit of our panel members,” added Mr Salmon. “PI departments are facing a difficult decision about their futures. For those looking for continuity of work without incurring risky marketing costs, Quittance has the answer.”
The founders of Quittance, whose previous legal services venture was acquired by NAHL PLC in 2015, have since proven that their core expertise in online marketing has delivered a lower cost of acquisition to panel member firms.
Quittance enjoyed significant growth in 2016 and believes that its model is adaptable to even the worst case scenario brought about by the reforms. The company has already focussed its attention on work likely to be unaffected.
Quittance triage prospective clients’ enquiries, identify the most suitable panel members to meet those clients’ needs, and recommend the services of panel firms to clients. Quittance do not refer clients’ information to firms, and are fully compliant with LASPO.
Quittance help clients that directly approach the company and do not engage in any cold calling or other unethical marketing. All enquires are generated as a result of the company’s online marketing activities.
Apply to join the panel
Quittance are interested in hearing from firms interested in joining its personal injury and clinical negligence panels.
Firms can register their interest online by clicking here. Applications should be submitted before 31 January 2017.