Retiring Solicitor Case Study: Exiting a Market due to a Retiring Partner

retiring solicitor

Retiring solicitor firms

We are often approached by retiring solicitors wishing to use our services. Retirement may lead to the closure of a law firm, or it may lead to a firm exiting a market due to the retirement of one or more partners within the firm.

 

An example of how we assisted a firm with a retiring solicitor

R&R Solutions began working on a project after it was provided to us through a referral from a risk management company. The project involved us assisting a small to medium-sized law firm whose personal injury department was overseen by one partner.

The personal injury partner was retiring, and thus, the firm made the decision to exit the personal injury market.

Recovery First assisted this firm by allowing them to exit the personal injury market whilst retaining their full WIP value for their personal injury files.

We were able to recover the full WIP value for this firm’s personal injury files whilst allowing the practice to continue working on other areas of law.

The practice was originally offered around £20,000-£30,000 from other potential buyers, and they were; therefore, pleased when Recovery First were able to recover the full WIP value in excess of £70,000.

The project took around three years to complete using our typical run-off process, allowing the practice to continue as normal. The files were distributed to our panel of solicitors who took on the files prior to the PI Partner retiring. R&R Solutions also dealt with all accounting regarding the apportionment of costs.

How can R&R Solutions assist?

R&R Solutions can assist firms wishing to exit specific areas of law due to retirement or for any other reason.

We offer a positive solution to any law firm by helping them exit any legal market, and ensuring they get the most out of their files. 

Whatever the reason for exiting a market, R&R Solutions 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 solicitors, 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 will provide you with all the advice and support you need, and 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 (david.johnstone@r-rsolutions.co.uk), telephone (0845 056 1258) or contact Sally Dunscombe at sally.dunscombe@r-rsolutions.co.uk or 07774 205 870.

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 Recovery First 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

Sally Dunscombe:

07774 205 870

sally.dunscombe@r-rsolutions.co.uk

David Johnstone:

07887 796 989

david.johnstone@r-rsolutions.co.uk

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