[1]Specialist service provider for law firms looking to exit entirely or exit a given area of the legal services market.
The services provided by Recovery First Limited [1] were launched at the start of 2013 to coincide with the changes to the personal injury sector introduced by LASPO.
The concept was born out of experience in the practice funding, the ATE Legal Expenses insurance and the challenges that arise when stepping back from the personal injury sector.
Of note were the derisory returns achieved for creditors were a law firm to fail and exit the market via a historical insolvency or intervention process. The traditional exit strategy of discounting value locked up in Work in Progress to achieve a sale is taken to another level if the entity is distressed at the point of exit.
With the knowledge that the work on the files themselves would not necessarily have been impacted, a model was created that allowed 100% of the value residing in Work in Progress to be ring fenced for the benefit of the exiting party. This works equally well, if not better, for a strategic and timely exit by a solvent firm.
With an eye very firmly on the service to the claimant, the model has the added benefit of identifying multiple new firms ensuring a specialist in the claimant’s required field.
What started as an entirely new concept and leading edge has paid dividends for those initial clients that took the leap of faith. Early projects are now complete, the outcome has exceeded expectation.
The concept is no longer restricted to the personal injury sector and has been expanded to cover the entire legal market.
An alternative to selling the firm or book to a single buyer is now proven and well established.
Services:
- We facilitate, manage and administer the recovery of the maximum value possible for the work in progress of a law firm.
- Systems have been developed to ensure the desired outcome; the associated cost is economically aligned to that outcome.
- Independent monitoring and reporting throughout the full process.
- Remarkably fast and discrete turnaround from initial contact to completed legals and full transfer.
- Proven templated legal structure mitigating legal and professional costs associated with the sale.
- Fully compliant process given the complex regulatory issues.
Whether seeking assistance in a controlled restructuring process, a solvent exit of the whole market or part thereof, or an exit with the protection of a formal process please contact David Johnstone of Recovery First
Call: 01737 474024 Email: david.johnstone@recoveryfirst.co.uk [2]