Over the past few years, there has been a rise in law firm mergers and acquisitions; one of the main contributing factors being consolidation of the legal market with leading to larger firms taking the greatest share of the market.
This, alongside changes in the market, such as the extension of fixed costs, the whiplash reforms, Covid-19 and issues in obtaining professional indemnity insurance, has led to smaller firms considering their options, and choosing to merge with other firms.
R&R Solutions recently assisted a law firm, GID Solicitors, who faced some issues during a merger situation.
Problem faced by merging firms
The main issue being the fact that the firm they had agreed to merge with, did not wish to continue offering services in a specific market which GID were operating in at the time. Without a solution to this problem, GID Solicitors faced the risk of the merger being blocked.
Solution offered by R&R Solutions
GID Solicitors approached R&R Solutions for their assistance who provided a solution to help GID Solicitors transfer the live client files to members of the R&R Solutions law firm panel with the appropriate expertise, and exit this specific market before the merger took place.
Was our client happy with the outcome?
Following the completion of the merger, Nic Dowding from GID Solicitors stated the following:
“R&R Solutions assisted us by providing a solution to a blockage in a merger situation. They helped us exit a specific area of the market that the merged firm did not wish to continue servicing. We were particularly impressed by the customer service we received from R&R Solutions, and the fact that our client’s files were moved to firms with the specific skills and expertise to deal with their cases effectively. We would highly recommend the R&R Solutions model to anyone wishing to exit a legal market.”
How R&R Solutions can assist you
Whether you find yourself in a law firm merger situation, or an alternative, such as restructuring, R&R Solutions can help.
The unique scheme offered by R&R Solutions is suitable for law firms and professional advisors, including accountants, merger and acquisition consultants, restructuring and insolvency practitioners, corporate recovery specialists and private equity firms. Our services are suitable for all types of legal work, using a simple, ongoing process with no up-front costs.
We guarantee 100% confidentiality for all clients. If you would like to find out more about R&R Solutions’ process, feel free to get in touch today via email at email@example.com, or 07887796989, or contact Sally Dunscombe at firstname.lastname@example.org or 07774205870.
Retirement Project - Grant Saw Solicitors LLP
“With our claimant personal injury partner retiring in we decided the time was right to step back from PI work. We reviewed the market options, were disappointed at the discounts being applied by potential buyers of the WIP and were referred to R&R’s offering the full realisation of WIP over time. It has effectively delivered what it “said on the tin” - over the project period we have seen a steady flow of receipts being accounted for to us, allowing us to recover the full value we had built up in the files."
- Mike Clary, Partner
Restructuring Project - Copley Clark
“Having taken a strategic decision to be completely step out of the claimant personal injury sector we were R&R’s first client to step back on a phased basis. R&R customised their offering specifically for us and I am happy to say it has worked a treat. We could focus our own resource on matters where we had a possibility of concluding within our timetable and utilised R&R’s panel firms to continue to work on other matters. Not only have their services allowed us to retain the value we had built in the files, the nature of the services ensured we were able to offer our clients the option of moving to firms with the skill sets required to best service their specific needs. For firms considering restructuring we would have no hesitation recommending R&R Solutions."
- Malcolm Lawrence, Partner
Restructuring Project - Farley Dwek Solicitors
" We had an extremely positive experience working with R&R Solutions after making the strategic decision to move away from an area of law and retune our business model. The process was very straightforward, and we were really pleased with the overall outcome. We would highly recommend the Recovery First model as a practical solution to any law firm wishing to exit a specific sector.”
Jonathan Dwek, Director
Ticking all the boxes for a quick, clean, confident exit from legal markets due to restructuring or retirement.
Contact us now in the strictest confidence
07774 205 870
07887 796 989
106 Kennedy Building
PO Box 632