Personal injury lawyers launch Pi Gateway consultancy

FOUR experienced North West personal injury lawyers have joined forces to launch a  consultancy aimed at helping PI firms make an ordered exit from the market and win more work for their practices.

David Bott from Bott & Co of Wilmslow, Martin Coyne from Manchester firm Ralli Solicitors, Hilary Meredith from Hilary Meredith Solicitors and James Maxey from Express Solicitors have formed Pi Gateway and have pledged a significant seven figure sum to help firms facilitate a structured retreat from the market.

The launch comes against a backdrop of tough market conditions. PI Gateway will work with firms where there are operational or financial challenges meaning that partners and directors wish to withdraw from tjhe sector.

Issues could include retirement, restructuring or simply a desire to leave the PI arena due to increased acquisition costs, lower LASPO fee returns, financial distress due to cash flow problems, recent changes in legislation, regulation and / or lack of professional indemnity insurance.

Pi Gateway has already completed a number of transactions and found other law firm partners to take on the existing business’ caseloads.

David Bott said: “During 2013, the PI sector has gone through an unprecedented period of unrest with many lawyers in this area of law thinking of exiting the market.  We know from experience that what most of them want is a quick and clean exit with dignity and maximum cash returns. This is what we offer.”

Wilmslow-based Hilary Meredith added: “We hope that exiting firms or those suffering financial hardship won’t bury their heads in the sand and will pick up the phone and talk to us first maybe avoiding intervention by banks, accountants, liquidators or the Solicitors Regulatory Authority.

“As first point of contact we may be able to avoid firms selling off cheaply at under value, but instead see optimum returns from their active files, whether they are simply leaving the market due to retirement or trying to avoid insolvency.  In addition those wishing to dispose of a shrinking PI department in a controlled and orderly manner should also consider contacting us.”