Lawyers considering their long-term futures in the claims market are being urged to secure their place at a seminar informing them how to take an ‘established exit route’ from the market, as only a limited number of spaces now remain available.
Organisers say interest in the event demonstrates the ‘shifting sands’ across the industry as significant costs restrictions and reforms are again on the horizon for claims firms working in markets including personal injury and medical negligence.
Hudgell Solicitors has put together a programme of speakers to provide expert advice on the selling of cases, tax planning, due diligence and offsetting risk .
It has done so as the small claims limit is set to raise to £5,000 for RTA claims and £2,000 for other types of personal injury claim.
Proposed fixed recoverable costs in clinical negligence cases and holiday sickness claims are also set to place extra pressures on firms’ finances and profitability.
The national firm, which has offices in London, Manchester, Leeds and Hull, recently revealed it is ‘open for business’ once again and willing to purchase caseloads from other firms under its ‘We Buy Any Files’ acquisition model.
It has previously completed close to 40 deals for practices of varying size, taking on thousands of clients in deals worth more than £8million in upfront and deferred payments.
“We decided to organise this seminar given it has become increasingly clear that many firms in the claims market will be concerned about the uncertainties ahead over the next 12 to 24 months, and the possible impact on their businesses,” said Mr Hudgell.
“We’d already had a number of firms come to us to discuss our We Buy Any Files process again, having seen how we have helped many seeking to reduce overheads and liabilities or free up capital to invest in other areas of the business. We’ve also helped many sole practitioners to sell up and retire.
“Following the announcement of our seminar we have been contacted by more people who are considering exiting the market, and that has been reflected in the numbers signing up for our event next month. It is clear there are shifting sands across the industry again.
“People know we offer an established exit route, and one where their clients will be guaranteed the best possible representation at a firm with a track record of being rehabilitation focused at every stage.”
The ‘We Buy Any Files’ seminar will be held on Wednesday, May 1, at Malmaison Manchester, from 4.30pm-6.30pm.
Speakers include Mary Tierney, Tax Director at chartered accountant Bennett Brooks, who has worked within tax and more specifically with owner managed businesses for 30 years, advising on all aspects of personal and corporate tax planning.
Also speaking is Zoe Holland, Founder and Managing Director of award-winning legal sector business ZebraLC. She has unprecedented experience in legal sector merger and acquisition deals and boasts a national reputation as a technical due diligence specialist, assessing law firm WIP value and risk profiling.
Mr Hudgell himself will explain the We Buy Any Files proposition from start to finish.
He said: “We’ve had a good number of lawyers and accountants sign up already and we expect to have a full house for the event. That in itself reflects that many firms are facing increasingly difficult caseloads and considering their next step.
“It could be people looking to retire, free up capital, reduce overheads and liabilities, concentrate on other areas of work or sell on behalf of a client.
“We are not shying from the fact that whilst the changing face of the industry is a threat to many, it offers an opportunity for us given the scale and sophistication of our operations, and our experience in doing this before.
“It’s a win for all parties involved, as has been demonstrated in the past.”
Hudgell Solicitors was established by Mr Hudgell in 1997 and now representing thousands of clients in claims for personal injury, clinical negligence, civil liberties, abuse and serious injury and illness abroad.
It first launched an the acquisitional arm to its business – webuyanyfiles.com – in 2011, offering lawyers, insolvency practitioners, accountants and other professionals an efficient and confidential way to sell legal practices and cases in the wake of increased restrictions on success fees and entitlements.