A brave new world for PI

 

How will the landscape look after the latest changes come into force? 

By Mike Stevenson

With the small claims track limit rise coming into view, potentially taking away huge amounts of work from personal injury practices, this will mean many firms will stop taking on low value claims. 

Some firms, however, will look at alternative ways to make these cases profitable though a funding arrangement, with the client. There will, however, be tighter profit margins, so there will be a real emphasis on cutting costs.

To achieve this there could be slimed down practices, that act as a central hub to the claim, where the administration takes place and final decisions can be taken at settlement or if necessary, taken to Court.

In order to keep overheads low there will be more outsourcing where key expertise is needed. You have an expert dealing with the most important parts of the claim. 

An additional benefit is that it will help absorb inhouse staffing fluctuations, so that you can make important resource decisions, knowing that you will continue to have access to support, whatever is decided. 

Witness Drafting Services is your expert in making sure that the witness evidence is properly prepared giving you confidence in the claims you proceed with.

 

 

23rd March 2021

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