Solicitors In Business

Solicitors in Business is a network group set up to provide strategic advice and guidance to law firms affected by the Civil Liability Bill (Whiplash Reforms) due to come into force in April 2019. The Bill will introduce a new tariff based damages system which will significantly reduce the amount of compensation a claimant can recover for soft tissue injuries sustained in road traffic accidents. In addition, the government also intends to raise the small claims limit to £5000 which means that solicitors will effectively be removed from the RTA claims process. These changes are the single biggest threat to the existence of many law firms who rely on this type of work to operate their businesses. Amongst the hardest hit will be the specialist personal injury practices and small to medium sized law firms. The firms that stand the best chance of survival are those that have a clear strategy in place and prepare themselves for the future. Solicitors in Business has been set up to assist law firms to plan ahead and make informed decisions about their future. For some this will mean having a diversification strategy in place whilst for others, it will be to plan for an eventual exit, be it a merger, acquisition or the closing down of the firm. Whichever route is chosen, Solicitors in Business will be on hand to provide the necessary support, guidance and expertise to help our members on that journey.