A law firm investor has recently predicted that only a dozen firms nationwide will soon specialise in personal injury. The reason; proposed further Government reforms of the personal injury sector. 4 to 5 years ago we saw many claims management companies disappear from the market and now it is predicted that there will be a major reduction in the number of solicitors specialising in personal injury.
The reforms centre very much around capping damages depending on the nature of the case and raising the small claims limit for personal injury from £1000 to £5000 for RTA cases and £2000 for other personal injury claims. However, people will continue to have accidents, whether that is on the road, in a public place, or at work. These reforms are aimed at reducing costs for insurance companies however it is certainly arguable as to whether the insurance companies actually pass on those savings to the customer. Whilst solicitors may then take a hit on the costs recoverable, people will still need representation and as we at Newnham & Jordan do not have the huge overheads which the larger, national firms have, we are best placed to take on those cases. We embraced the reforms in 2013/2014 and are happy to do so again should these reforms materialise.
Whilst it remains to be seen as to whether this prophecy comes true, the firms that will flourish in the personal injury market will be the firms who have a proven track record in the area, who market their specialism in a way that targets the right audience and who don’t have the huge overheads which many of the current larger, national PI firms have. There is no doubt that personal injury is increasingly becoming a niche area of law given the number of firms that are now closing their doors to injury claims.
If you wish to discuss an accident, a result of which you have suffered injury, please feel free to contact James Howard on 01202 877 400 or email@example.com