Seven years later we moved into the administration of funding to solicitors involved in claimant PI when we introduced Bank of Scotland to claimant litigation funding.
We too have experience of change and have had to ride a few unexpected storms, some involving run off, due to circumstances beyond our control. They have, however, had positive outcomes and given us the experience and empathy required to deal with the challenges law firms now face.
It was during the financial crash of 2007 that we formed ideas around protecting the interests of retiring solicitors. From our experience of run off, we knew it was expensive and challenging to run a business down over a period of time. It was also evident how heavily the value would have to be discounted if we didn’t see the job through to conclusion.
We didn’t want to apply discount, so went through a run off process, identifying all the unavoidable inefficiencies. We then fine-tuned and optimised our IT systems and processes to create a model that removes waste and maximises the conversion of WIP to cash. We also gained the first hand, invaluable experience and expertise that we are able to offer law firms today through PI-Solutions.
