We are all aware of the chaos created by an unprecedented level of change imposed on the legal sector.
Our own background and where we are coming from is dealt with elsewhere. In essence we have created a platform that is genuinely equitable to both our clients and the firms that partner us in providing an ethical solution.
There are many very good, robust and well structured firms and buying groups of firms out there providing a market for those who wish to trade WIP at a discounted price. If an exiting firm is fortunate to be dealing with a buying firm in that category, the discount applied will be fair for a ‘cash on day one’ deal. However, there are also a significant number of ‘tyre kickers’ out there too and firms with no experience (because they will only usually exit the market once in a lifetime) must be careful they don’t get caught up with time wasters or those that will under value all they have worked for. It is here that project manager, PI-Solutions, provide a valuable service in using its experience to help the firm find the best and most financially viable exit strategy possible.
PI-Solutions is about creating choice and having the option to avoid the significant write off, on or off the balance sheet, inevitable in a discounted sale without having to take on the massive challenge of an internal run off.
We do not compete directly for the fully discounted market, although we do offer partially discounted deals for firms looking for an advance against the proceeds of a run off to fund exit liabilities.
From an acquisitor’s perspective, participating in discounted acquisitions in their own right and the opportunity to be part of PI-Solutions are not necessarily mutually exclusive. Indeed many of the panel have and will continue to do deals in their own right.
PI-Solutions provide access to capacity tables on our systems allowing panel firms to adjust their current capacity by matter type up or down according to prevailing circumstances and panel can indeed set their capacity to zero if they are undergoing a significant acquisition involving major change management etc.
Each project involves multiple panel participation, so risk is spread from both sides of the fence with no client being exposed to a single panel firm and no panel firm being exposed to 100% of any given project.
Caseloads are broken down into manageable numbers based on the current capacity tables as updated by each panel firm, ensuring resource is available to get up to speed on individual matters quickly and efficiently ensuring the best possible and seamless experience for the claimant.
If, on review of the foregoing and the information available more widely throughout the site, you remain interested in joining the panel, the following are the prerequisites for membership:
1. A willingness to work on existing legally prescribed matters solely for the value that you add.
Minimum investment is required from panel firms at the outset of individual projects on the principle that our client firms retain the full value of WIP incumbent in the file at the point of transfer and subsequently realised.
2. Panel firms must have robust IT and business intelligence that integrates directly with our own IT and monitoring systems to ensure our clients have full transparency of case progression and conclusion.
There are two elements to this:
a. Part of the application process involves full financial due diligence on the Panel Firm. Whilst this includes full disclosure of historic financial information the main focus is on the business intelligence or management information utilised to monitor performance in real time. This will include a review of triangulation and settlement profiles by matter type and will also look at how this information is distributed and utilised within the firm.
b. We provide our clients with monthly updates on case progression and bordereau’s around all case specific financial information. The service levels mean that it is a fundamental part of the relationship with panel firms that case management systems report on a real time basis to our own risk management systems. This gives us the unparrelled ability to aggregate data across all panel firms by project and provide standardised reporting to our clients directly from our systems.
3. Asset Transfer Agreements, usually based on assignment of CFA, includes specific provisions in respect of the cost drafting on concluded matters. To ensure independent assessment of the proportionality of work preformed pre and post transfer this is carried out by a cost drafting business of your choice from the PI-Solutions panel.
Therefore Panel Firms must accept that matters cannot be drafted and apportioned by them, in the interests of transparency and an equitable split of the costs ultimately recovered this must be performed independently.
Both parties have a right of appeal within the agreements should either feel there has been a material error on an individual case.
4. In all instances a letter of support will be required from your main bank and consent provided to both your Relationship Director at the bank and PI-Solutions to discuss the application.
As regards cost to panel this will be discussed in detail on completion of a Non Disclosure Agreement between PI-Solutions and Applicant Firms. There are two elements to the cost structure, basic membership costs and project specific costs, which applicant firms will require to consider when deciding whether membership is appropriate for their business or not.
If you wish to proceed with an application please complete the initial information form by clicking here
If you wish further information or to discuss in general before completing the required information please contact Sally Dunscombe.