According to a survey conducted by Liverpool firm O’Connor’s, a fifth of personal injury firms in the north-west of England are considering closure. An estimated 100,000 jobs could be lost over the coming year as a result. It is the smaller firms that will be most affected as larger firms have more resources available to be able to tackle the changing marketplace.
This news comes ahead of new legislation to be implemented on 01 April 2013 that will significantly change elements of the way litigation is funded. One of the substantial changes being a change in the way After the Event insurance can be recovered and a change to the recoverability of referral fees relating for personal injury claims.
So what can firms do to survive? The most obvious solution would be for firms to invest greater resources in more efficient marketing. Firms will consider investing in methods of reaching their clients direct. Social media remains a growth area for introductions of new clients to law firms and it is anticipated that trend will continue.
If you have a litigation query or would like to know more contact Paul Stubbs at Edward Hands and Lewis solicitors.
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