Why use Consula?
Consula Maximises the recovery of WiP
Consula only gets paid when you get paid
No heavy discounts on file transfers
Avoid insolvency and its consequences
Find out more about this innovative Exit Strategy here.
PI Market Background
How has industry change affected your law firm?
With the recent introduction of Alternative Business Structures the impact of the Jackson reforms, ban on referral fees, abolition of CFAs and ATE insurance, cost shifting implications, expansion of the portal, cap on fixed fees and moves towards contingency based legal fees represent the biggest changes to the Personal Injury Market in a generation.
This combination has created a highly dynamic marketplace of uncertainty, opportunity and significant change. the landscape of the legal industry will experience significant change.
With profit margins getting squeezed, and new entrants to the legal services market, many firms both small and large could find themselves in a position where they are vulnerable.
In a recent article in the Law Society Gazette, Catherine Bowman said "New cost and case management rules, and a bundle of measures – qualified one-way costs shifting, damages-based agreements (DBAs), bans on referral fees and an end to the recovery of after-the-event insurance premiums – will all indelibly reshape the legal landscape for years to come."
Catherine goes on to say "The greatest challenge to PI lawyers is the one posed by costs being fixed at unrealistically low levels. In addition to the headline cost-capping measures that the profession has known about for some time, it is now clear that the LASPO overhaul of the cost-management process for contentious cases will be substantial."
The Law Society sees the plan as a further, very serious blow to practitioners. Its analysis is blunt – if the plan comes to fruition the result will be ‘many solicitors not being able to afford to carry on doing this type of work’.
The article is a comprehensive view of the implementation of the Jackson reforms and how these changes will impact on the market. There has been a lot written about this in 2012, but as the changes begin to take effect, more and more practitioners are beginning to realize the extent of the impact. To read the full article, click here.
File transfer managed efficiently and effectively
Consula has teamed up with an innovative solution, formed by professionals with extensive knowledge of the legal sector. The team are aware of the reasons that law firms may want to exit the legal industry, and what could happen if any transfer of files is not managed effectively. Click here for a full Overview of the process and cashflow.
The unique scheme accessible through Consula is suitable for both professional advisors and law firms. The team can manage the transfer of files from start to finish; placing case files with an approved law firm so as to protect the integrity of the client’s case, while at the same time maximizing the value of the work in progress.