It has been extremely well documented over the last six months that the Claimant Personal Injury sector has been hit by a ‘perfect storm’ of radical change. Most firms in the country that run PI claims have spent the last few months( or certainly should have) considering:-
• How will PI work be generated after the Jackson changes
• What will be the impact to the firm as a whole of the loss of PI work
• What will be the impact in a reduction in fee income
• What effect will procedural changes have to the PI practice
These and other issues in this ‘perfect storm’ mean a reality for many firms that this work, work that has been a mainstay for many, is no longer a viable, commercial proposition. We will inevitably see the rise of the much larger PI practice. Marketing for PI claims has now reached almost a default level of glossy, expensive TV adverts with a budget that is far beyond the reach of most firms.
As a Recruitment Consultant with 20 years in the PI sector, I am helping many to move from smaller practices who have rightly taken the commercial decision that the firm cannot compete. I now find myself in a position to help the PI firms themselves with advice regarding commercially sensible purchase of WIP and from time to time movement of staff so that the firm can restructure and allocate budget to other departments.
I am always happy to have a discrete discussion regarding long term prospects in PI. There is a way that firms can avoid the ‘perfect storm’.
For more information please contact BCL Legal.