With the introduction of the Civil Liabilities Act on May 31st, 2021, the personal injury arena is presently undergoing a period of significant change.
This will understandably lead to many law firms or departments re-evaluating their commercial viability and ability to provide high quality personal injury services in a quickly changing and technology driven landscape.
However, exiting from a particular work type can be costly, time consuming and fraught with risks if not handled correctly.
At Bott and Co. we are committed to growing our personal injury offering and as such would be interested in the purchase of work in progress (WIP) from any practices seeking to exit the PI market.
Sell Your Personal Injury Files To Bott and Co
Bott and Co are a multi-award-winning firm with an experienced and friendly management team who are ideally placed to advise on all aspects of any WIP Purchase arrangement. Our experience, coupled with cutting edge IT, will enable us to manage the end-to-end process ensuring it runs smoothly and efficiently.
As experts in all matters pertaining to personal injury litigation, we fully understand the need to protect your clients’ whilst maximising the value of any WIP that is transferred to us.
We will work with you to understand your needs and motivations around selling your WIP and or exiting the Personal Injury market to ensure we can tailor the right solution for you.
Why Sell To Bott and Co
We understand the sensitive nature of WIP purchase agreements and that every deal is unique.
We will work with you to structure an arrangement around your requirements and have the experience to take on a range of personal injury claims including.
- Road Traffic Accident Claims
- Public and Employers Liability Claims
- Cycling Accident Claims
- Multi track and Catastrophic Injuries
We understand that confidentiality is a prerequisite in any discussions that we may have, and you can rely on that throughout the entire process.
Following an initial conversation, we will arrange for a non-disclosure agreement to be completed, to ensure that your confidentiality is respected.
Regardless of the size or complexity of your caseload we will work with you and your advisors to build a WIP agreement that comprehensively covers all business and regulatory requirements including:
Client notification and physical file transfer
- TUPE and staffing obligations
- Disbursement funding if appropriate
- Transfer of After the Event (ATE) insurance and Conditional Fee Agreements
- Lien and undertakings
- Ongoing Professional Indemnity Insurance (PII)
You can rest assured that when working with Bott and Co as your chosen partner we will have all bases covered and your expectations properly addressed at every stage.
WIP Financial Arrangements
The structure of a WIP sale can vary greatly depending upon your needs. Generally, where a law firm wishes to exit the PI market but intends to continue handling other work types, deferred consideration maximises the seller’s return on the WIP sale. An earn-out calculated as a percentage of profit costs recovered, with an upfront payment based on current work in progress figures and or incurred disbursements is usually a good starting point.
A ‘one-off’ upfront payment for your WIP is also something that we will consider once further due diligence has been undertaken. Often this can result in a lower WIP valuation being provided but may provide the ‘clean break’ that you are seeking to achieve.
One thing that you can be sure of, is that we will work with you to find the best solution for you, your business, and your clients.
We would be happy to discuss any alternative structures that you feel may better fit your requirements.
WIP File Transfer Process With Bott and Co
The majority of WIP transfers with Bott and Co will generally include the following steps.:
- Initial confidential discussions on a no-obligation basis.
- Completion of a Non-Disclosure Agreement (NDA)
- Exchange of initial MI
- Shaping an offer through due diligence and review of caseload.
- Entering into a legal agreement.
- Starting the on-boarding process, including communications with your clients about our arrangement and to seek to obtain their instruction.
- Payment in relation to the terms agreed.
Start With A Confidential Discussion
If you are considering exiting the PI market, Bott and Co can build a tailored solution that facilitates a structured exit whilst protecting and maximising the value in your WIP.
The first step is to speak to us in confidence to discuss the makeup of the WIP, your needs and those of your clients.
Contact Bott and Co for a confidential, no-obligation discussion.
Head of Business Development
Bott and Co Solicitors Ltd.