While claimant solicitors certainly are not celebrating the Jackson Reforms, the market has healed itself to some degree. In addition to the firms that have elected to leave the small claims space, others have been acquired by firms with larger PI practices.
The increased market concentration has provided a modicum of relief on the competitive front, yet it does little to address the full impact of the Jackson Reforms on claimant solicitor revenue. The near-term survivors must now work out how to restore the profits eroded by the sweeping changes that have been implemented.
One viable solution to the challenge raised by the Jackson Reforms is to automate the responses from insurers to help streamline the claim negotiation and settlement process. This would free solicitors to handle more cases simultaneously and invest more time in generating new business.
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