In a world of fixed fees how do personal injury solicitors make a profit?

 

You wonder how to make a profit in a world dominated by fixed fees. But fear not. Here are some handy tips.

 

1) Increase efficiency

 

You may want to consider giving some of the routine tasks to the junior members of your staff. 

This is fine, but, be careful when it comes the more important elements of the claim, such as taking a witness statement, which is not a routine task. Do they know what to look for on a critical level? It is the key document that is relied upon by your client to fully explain their version of events. 

Get this wrong and it increases the prospects of either the claim dragging on and drawing in more time and money, or worse, it could cause the claim to fail altogether. Are you placing too much value on your junior staff? 

 

2) Have your ‘ducks lined up’ sooner 

 

Consider what the sticking points are of a claim early so they can be addressed.

The sooner you know the claim and its strengths and weaknesses the sooner you can make an offer and increase the prospects of getting paid sooner and for less work.

 

3) Avoid uneconomic claims

 

Knowing your case early will mean that you can take a properly informed decision about whether it is the right claim to issue Court proceedings on. 

A claim that has not been built strongly early on will more likely fail at Trial and with that will incur the time and costs of being run, in addition to the Court fees that will not be recovered. 

Why hedge against the costs of the successful claims? The less this happens the more profitable overall you will be.

 

Witness Drafting Services can help by ensuring that when you instruct us, we will complete fully comprehensive witness statements that will enable you to make the right decision on the claim early on and give you confidence on those that you proceed with. That is the value of our service.

8th July 2020

« Back to blog