Restructuring solicitor firms
There are many reasons for law firms wishing to restructure, including the retirement of partners, and strategic decisions to exit specific practice areas of law to focus on more profitable areas. Selling work in progress files to exit a specific market can be a positive solution for restructuring firms. Whatever the reason, we can be flexible in our approach and work alongside the firm’s restructuring advisers to allow for a seamless exit from any legal market.
An example of how we assisted a restructuring solicitor firm
We recently assisted a law firm that made the strategic decision to exit the Claimant Personal Injury market. This firm wished to exit the market so that they could restructure and focus on more profitable areas of law.
R&R Solutions assisted the firm by allowing them to exit the market on a phased basis before the agreed upon final date, recovering more than 100% of the expected WIP value.
Using a phased approach allowed the staff in the personal injury department to focus heavily on the files which were capable of settlement before the final exit date.
Files which were identified as being unlikely to settle within the required timescales were transferred to our panel of solicitors early using our usual file run-off method. A further review at a later date saw a further tranche of cases transfer to panel solicitors. Any cases that remained ongoing the month before the final deadline were transferred at that point.
This was a very successful project as we were able to recover over £500,000 of the work in progress value, which was more than our client had anticipated.
How can R&R Solutions assist your law firm?
R&R Solutions is a great choice for those looking for a structured exit from any legal market and wishing to retain 100% of their recoverable WIP value due to retirement, restructuring, or for any other reason.
We will ensure the most positive and profitable outcome is achieved. An additional benefit being that the firm’s clients not only get a seamless transfer, but they are also married up with a firm specialised in their particular needs. The unique scheme offered by R&R Solutions is suitable for law firms and professional advisors, including restructuring lawyers, and accountants. Our team 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.
We guarantee 100% confidentiality for all clients. If you would like to find out more about R&R Solution’s process, feel free to get in touch today via email l (firstname.lastname@example.org), telephone (0845 056 1258) or contact Sally Dunscombe at email@example.com or 07774 205 870.