By Legal Futures Associate Recovery First
Recovery First, best known for their work in maximising recoveries in distressed situations, are launching their new brand, R&R Solutions, specifically to work with retiring solicitors and restructuring law firms. R&R Solutions works alongside accountants, solicitors, restructuring lawyers, and restructuring specialists to ensure the most profitable outcome is achieved in realising WIP assets.
Typically, those exiting the legal industry sell their WIP in bulk to a single purchaser, often at a heavy discount.
R&R Solutions offer an alternative approach, working backwards from a pre-agreed timescales to meet the firm’s objectives and ensure they retain the maximum value locked up in their files through a fully outsourced, managed, and SRA compliant process.
David Johnstone, Managing Director of Recovery First, told us “The decision to restructure a law firm can be a difficult one, but once made it requires a process that is going to provide the best possible returns to the firms for their hard-earned WIP and look after their clients ensuring the least possible disruption.
Retirement is often a much harder, and frequently an emotional decision, with many partners relying on the value obtained as their pension.
Our experience in handling such situations allows us to flex our model for each unique project. By working backwards from the end objectives, we can truly provide a tailored solution in any situation”.
Law firm restructuring: A recent project
R&R Solutions recently assisted a law firm that made the strategic decision to exit the claimant personal injury market. This firm wished to exit the PI market so that they could focus on more profitable areas of law. R&R Solutions assisted the firm by phasing the process over a number of months before the final date of closing their PI division, recovering more than 100% of the expected WIP value.
Using a phased approach allowed the staff in the exiting department to focus heavily on the files that were capable of settling before the final exit date, whilst, in many cases, retraining in other areas of law.
Retiring solicitor: A recent project
R&R Solutions worked on a project that involved assisting a small to medium-sized law firm whose personal injury department was overseen by one partner. The personal injury partner planned to retire, and thus, the firm made the decision to exit the personal injury market completely.
R&R Solutions assisted this firm by providing them with an exit route from personal injury market, retaining their full WIP value for their personal injury files, whilst allowing the practice to continue working on other areas of law.
How can R&R Solutions assist your firm?
R&R Solutions can assist any firm looking for a structured exit from an area of law due to retirement or restructuring, whilst retaining maximum WIP value.
As well as assisting retiring solicitors and firms who are going through restructuring, our Recovery First brand can assist firms who are going through an insolvency process. We work alongside the insolvency team to design with the right plan tailored to meet the needs of each specific firm.
Whatever the reason, R&R Solutions and Recovery First will ensure the most positive and profitable outcome is achieved. The unique schemes offered by R&R Solutions and Recovery First are suitable for law firms and professional advisors, including restructuring and insolvency lawyers, insolvency practitioners and accountants. Our team manage the transfer of files from start to finish, placing case files with an approved law firm to protect the integrity of the client’s case.
We guarantee 100% confidentiality for all clients. If you would like to find out more about Recovery First or R&R Solutions, please get in touch with our Directors, David Johnstone via email (david.johnstone@recoveryfirst.co.uk), telephone (07887 796 989) or Sally Dunscombe (sally.dunscombe@recoveryfirst.co.uk), telephone (07774 205 870)
