Restore your profit per case: Coping with the Jackson reforms

Personal injury representation has, for some smaller firms, become a less attractive business than it was only a year ago following the effects of the April 2013 Jackson reforms, which called for increased settlement speed and a new fixed recoverable costs regime, compressing solicitor profitability substantially. While some firms have exited the personal injury business, others have begun to see the Jackson reforms as an opportunity for growth, provided they can live within the new regulations.

At a time when the Law Society is forecasting a 15 to 50 per cent drop in claimant solicitor income in the next three years - which could require a wave of industry consolidation - Insurance Services Office (ISO) has released a new White Paper which looks at the issues facing claimant solicitors in more detail.

This whitepaper explains how automating and digitising the claims negotiation and settlement process will help significantly in reducing costs per case and restoring profitability, thanks to a drop in claim life cycles.