With the introduction of CTP reforms in NSW, many legal practices are re-evaluating the commercial viability of continuing to provide personal injury services.
As the number of current PI matters declines as existing claims is settled, many firms are finding they can no longer justify the overheads of their PI practice.
At Firths we are committed to growing our personal injury practice and would be interested in acquiring work in progress (WIP) if you were seeking to exit the PI market to retire or focus on the provision of other legal services.
What are the benefits of a WIP sale?
Personal injury WIP transactions provide you with:
- The ability to exit the PI market and realise the value of your WIP that would otherwise be locked up;
- The ability reduces overall operating expenses and staffing requirements and focus on other services;
- Cash injection to enable to recapitalise for possible entry into other areas of law.
We know that client care will be of primary concern, as neither the claim nor your reputation should suffer from your decision to focus on other work types.
Here at Firths we share this view and are committed to only undertake WIP acquisition when it is the best interests of all the parties, particularly the clients.
Steps in a WIP Acquisition
- We appreciate the sensitivity that exiting any work type involves, so the first step will be strictly confidential.
- If it looks like we can assist, we will put in place a non-disclosure agreement and request some headline information on the files to be purchased. This is only basic information and generally includes details such as case type, age, status, etc.
- We will then make an indicative offer confirming timescales and due diligence.
- Depending on the number and complexity of the files we will assign an appropriately experienced and discrete team to undertake due diligence.
- Upon satisfactory completion of due diligence, the agreement will be finalised, and we will arrange an orderly transfer of the cases ensuring clients are informed at every stage of the process.
If you need to urgently sell all or some of your personal injury files, we can act quickly, as we do not have the constraints of ASX listed PI firms.
Sell Your Personal Injury Files
We have the flexibility, capacity, and experience to take on the full range of personal injury work in NSW, QLD, and ACT.
No matter the caseload size or complexion we will work with you and your advisors to build a WIP agreement that comprehensively covers all business and regulatory requirements.
E-mail a summary of your requirements direct to fbryan@firths.com.au and we'll arrange a confidential discussion on the next steps.
Speak direct on a confidential basis
Whether you wish to exit the PI market due to retirement, improve your cash flow or simply focus on the provision of other legal services, we are confident that we can provide a solution that allows organised exit whilst preserving maximum value in your WIP and providing the client with continuity.
Contact Frank Bryan directly for a no-obligation and confidential discussion.
Frank Bryan | Business Development Manager
Email: fbryan@firths.com.au
Mobile: 0421 464 333